Changes

'''4.''' Items which have a price elasticity less than one are considered necessities because even when the price rises most consumers still purchase them, whereas , with a good with a price elasticity of more than one, people will not purchase nearly as many if the price rises, causing the designation of unnecessary. This can be inaccurate, as [[New York Yankees]] tickets or popular video games are not "necessary."  

'''4.''' Items which have a price elasticity less than one are considered necessities because even when the price rises most consumers still purchase them, whereas , with a good with a price elasticity of more than one, people will not purchase nearly as many if the price rises, causing the designation of unnecessary. This can be inaccurate, as [[New York Yankees]] tickets or popular video games are not "necessary."  

:Correct.

:After grading this I realized this question has a mistake in it.  See model answers.

'''5.''' Potato chips are a (poor) substitute for french fries; ketchup is a (necessary) complement for them.  

'''5.''' Potato chips are a (poor) substitute for french fries; ketchup is a (necessary) complement for them.  

:This is the best homework paper in the entire class this week, and perhaps the best for entire course.  110/110.  Congratulations!

:This is the best homework paper in the entire class this week, and perhaps the best for entire course.  110/110.  Congratulations!