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a.What's an example of a good that you consume for which your individual demand is inelastic? b.Consider the good that you mentioned in part a.

a.What's an example of a good that you consume for which your individual demand is inelastic?

b.Consider the good that you mentioned in part a. Is there a close substitute for that good? How would your demand for the inelastic good change if the price of a substitute decreased?

c.Again, consider the good from part a. How would your consumption of that good change if you woke up tomorrow and made $80,000 per year?

d.Once more, think of the good from part a. What kind of good is it? Normal/inferior/Giffen? Why do you think that?

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