What has more elastic demand mystery novels or required textbooks?

Answer 1

Mystery novels have more elastic demand than textbooks, because mystery novels have close substitutes and are a luxury good, while required textbooks are a necessity with no close substitutes. If the price of mystery novels were to rise, readers could substitute other types of novels. But if the price of required textbooks were to rise, students would have little choice but to pay the higher price. Thus the quantity demanded of required textbooks is less responsive to price than the quantity demanded of mystery novels.

Answer 2

Mystery novels typically have more elastic demand compared to required textbooks. This is because mystery novels are typically considered discretionary purchases, so consumers are more likely to adjust their consumption of them based on price changes. In contrast, required textbooks are considered essential for academic success, so students may have less flexibility in changing their purchasing behavior based on price.