question archive Your assignment is to write a short (2-3 page, double-spaced, typed) essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand
Your assignment is to write a short (2-3 page, double-spaced, typed) essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand
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Your assignment is to write a short (2-3 page, double-spaced, typed) essay identifying and describing two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do. Hint: Use the determinants of elasticity to sort why some products are elastic and others are inelastic. Market One: What are some of the goods you purchase in your life for which your demand is most elastic? Why? Market Two: What are some of the goods you purchase in your life for which your demand is highly inelastic? Why?
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Suggestions for markets where your demand is likely to be elastic:
- brand name personal care products like soap, shampoo, toothpaste
- kitchen staples like sugar, flour, and spices
- brands of fuel for your car
- possibly clothing items like underwear and socks
Suggestions for markets where your demand is likely to be inelastic:
- brands of soda, beer, or energy drinks
- any medications you have been prescribed
- cost of tuition at your college for the year
