1. Describe in plain words, with a few sentences, what an economic bubble looks like. Use an example, other than the one given in the video, to describe the bubble.
2. List the 5 stages that economists use to detect the formation of a bubble within the economy.
3. Given the information about tulips, discuss what the own-price elasticity of supply and demand looks like. Be clear in your explanations.
4. Can you think of any sector that is in a bubble according to you? Use the 5 stages described above, and other information to support your claim.