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.

Demand Determinants

Changesin any of the following will either increase (shift right) or decrease (shift left) the demand curve:

1. Tastes, preferences, and/or popularity

2. Number of buyers

3. Income of buyers

4. Price of substitute good

5. Price of complementary goods

6. Expectations of future prices of goods

Supply Determinants

Changesin any of the following will either increase (shift right) or decrease (shift left) the supply curve:

1. Prices of resources/inputs/factors or raw materials

2. Technology

3. Taxes and Subsidies

4. Price expectations

5. Number of sellers in the market