It is reasonable to expect that the supply of bananas is relatively
inelastic. It take time to plant new banana trees and grow them
until they bear fruit. Bananas are also highly perishable, so
they cannot be stored when prices are low and sold when prices
go up. Cigarettes should have a relatively more elastic supply.
At most, it takes a year to grow a new tobacco crop, but tobacco
and cigarettes can be stored relatively cheaply and easily.
It seems likely that bananas will have elastic demand, since most
other fruits are reasonable substitutes. Cigarettes are highly
addictive (some say the most addictive product, legal or illegal) and there are no close substitutes
(ask a smoker), thus demand should be relatively inelastic.
