Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity good and the availability of substitutes affect the price elasticity of demand in each of these specific cases:
1)gasoline as a commodity
(2)gasoline sold at a local gasoline station
3)Hotel rooms for people planning a vacation
4)Hotel rooms for people on business to meet an important client