Economics

product and circle the correct answer. 1. Ethan goes to the store to purchase new clothes for school. He has only $50, so he has to be careful on how he spends his cash. While shopping he sees that there is the perfect Nike shirt, just his size and style. But he looks at the price tag and sees that the shirt is $45. If he buys that shirt he will not be able to buy anything else except maybe socks. After thinking it over, he goes ahead and buys the shirt thinking he can always come back later when he has more money to buy other clothes. What type of demand did Ethan have for the Nike shirt? (Elastic, Inelastic, or unit elastic)