As per our elasticity class discussion, which one of the following two items has a lower elasticity value: Salt or Gasoline? Explain!!! II. Suppose that the oil cartel succeeded in reducing the supply of crude oil by 5% and suppose that the price elasticity of demand for crude oil is 0. 10. What will happen to the equilibrium price of crude oil??? III. Identify products and/or services having elasticity values of one, zero, and infinity. Justify your answers!
A. Salt
B. Gasoline
C. Both have equal elasticity values
D. Neither can be determined