Answer:
elastic; inelastic
Explanation:
The price elasticity of demand for chocolate chip cookies is likely to be elastic, while the price elasticity of demand for arthritis medicine is likely to be inelastic.
Price elasticity of demand is the percentage change in demand divided by the percentage change in price. The price elasticity of demand for chocolate chip cookies is elastic because it is a luxury good, hence a change in price will affect the demand for chocolate chip cookies. On the contrary, arthritis medicine is a necessity, and hence even and increase in price will not affect its demand, hence the demand for arthritis medicine is inelastic.
