Elastic vs. InElastic Demand

Description

  1. Watch: https://www.economicsonline.co.uk/Competitive_markets/Price_elasticity_of_demand.html
  2. a) List 3 items that you use in your daily live that you believe are price elastic. Explain your choice.
    b) List 3 items that you use in your daily lives that you believe are price inelastic and discuss why.
    c) Can any of the items identified move to the other category with time? Why or why not?
    d)Self-reflection: What is the your learning lesson from your example? Do explain.

Sample Solution

ACED ESSAYS