Answered: 1) Create a thread and give your…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1) Create a thread and give your thoughts about at least TWO of the following questions

a. Pick one good or service that you think has very (price) elastic demand and explain why you think that is the case. Cite one determinant of price elasticity that is relevant to support your case

b. Pick one good or service that you think has very (price) inelastic demand and explain why you think that is the case. Cite one determinant of price elasticity that is relevant to support your case

c. Pick one good or service that you think has very (price) elastic supply and explain why you think that is the case. Cite one determinant of price elasticity that is relevant to support your case

d. Pick one good or service that you think has very (price) inelastic supply and explain why you think that is the case. Cite one determinant of price elasticity that is relevant to support your case

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