Most likely, the light wave will be absorbed by the wall. Without any information as to the size and color of the wall, the location and size of the hole, or the location of the light wave, this is a generalized probability problem. For all of the places the light could be, it's more likely that it hits the wall than the hole (if the hole is less than 50% of the area of the wall).
Answer:
A - elastic since many other fast food items could be considered close substitutes.
Explanation:
The price elasticity of demand is how much the demand of the Big Macs will change due to a 1% change in price. Should the elasticity be greater than 1, the Big Macs will be elastic. Should it be less than 1, the Big Macs are inelastic.
Demand elasticity is calculated as the percentage change in quantity demanded divided by a percentage change in price.
Since Big Macs are (i) a luxury good, and (ii) have close substitutes (other burgers available at McDonalds and other fast food stores), we will say their elasticity is greater than 1.
This means that the demand of Big Macs will change due to a 1% increase in price due to the presence of close substitutes.
