Over longer periods of time, demand tends to become less elastic. perfectly inelastic. more elastic. When there are fewer substitutes, demand tends to be perfectly inelastic. more elastic. less elastic.

Over longer periods of time, demand tends to become more elastic.

When there are fewer substitutes, demand tends to be less elastic.

Explanation:

Over longer period of time demand tend to be more elastic because the greater availability of close substitutes of a good the better consumers are able to respond to change in price.

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20