Identify and describe two markets of your choosing; the first characterized by an elastic demand and the second one by an inelastic demand. Indicate why your choices have the relative elasticities they do. In addition to your personal reasons for the purchase, you will need to apply the determinants of elasticity to sort why your choices in Market One are elastic and why the choices in Market Two are inelastic.

Market One: What are some of the goods you purchase in your life for which your demand is most elastic? Why?

Market Two: What are some of the goods you purchase in your life for which your demand is highly inelastic? Why?