In week 3 we learned that goods and services may have elastic demand curves and inelastic demand curves.

1) Give an example of a good or service which may have an elastic demand curve.

2) Explain why this is the case. Use real-world examples and explanations.

3) Give an example of a good or service which may have an inelastic demand curve.

4) Explain why this is the case. Use real-world examples and explanations.