1. Describe your experience with price elasticity as a consumer. Provide an example of an inelastic good or service for yourself or your household, and an elastic one.

2. What makes those goods or services elastic or inelastic?

3. How might other persons or households respond differently? Is your own demand representative of the market, or more idiosyncratic?

4. Prices of many goods and services have been escalating of late, sometimes quite a lot (partly inflation, partly opportunistic price increases under the cover of inflation). Have these price changes affected any of your purchase decisions? Has this revealed anything about your own elasticities of demand that you were previously unaware of?