Ranking products according to Price Elasticity Of Demand Assuming ceteris paribus conditions, rank the following products in order from the most price elastic to the least price elastic. Explain why.


Ice Cream
Peter’s Chocolate Ice Cream
Chocolate Ice Cream
Frozen Desserts
Desserts 


For some reason I find this question very subjective.
The question is not subjective if you accept the assumption that similar products are likely to be substitutes, i.e. if you wanted chocolate ice cream but none was available you are more likely to get vanilla ice cream than pork chops.

The trick is that the groups can be ordered from smaller to larger, e.g. all ice creams are frozen desserts but not all frozen desserts are ice creams. If the price of a whole product group increases it is more difficult to find a cheap substitute than if only one product's price had increased. In this case all other products in the product group would be available as substitutes at their original prices.

Using this assumption you should be able to finish the assignment.