1. Describe the concept of perfectly elastic demand? Explain how the differences in airliners showed perfectly elastic demand.
2. Why is sugar considered a relatively elastic good? Give three examples of something you would find in the grocery store that can also be considered relatively elastic.
3. Describe the concept of perfectly inelastic demand.
4. Why is gasoline considered to be relatively inelastic instead of perfectly inelastic?
5. How do consumers behaviors and thoughts form the basis for price elasticity of demand? Explain your answer.