only 3 paragraphs. aboout 2 examples about how a good or service may be elastic (change in price leads to a significant shift in demand) and how a different good or service may be inelastic (when the price changes the quantity demanded doesn't significantly change)

Question 1 (20 points) You have learned the 5 determinants of the elasticity of demand. . Is the product a luxury or a necessity? . What is the time horizon? Do I need the product immediately? . Does the purchase comprise a large or small amount of my income? . Are there close substitutes? . How big is the market? Using ONE of the 5 determinants, describe two examples in which that determinant can indicate how a good or service may be elastic and then how a different good or service may be inelastic. Some examples were found in the lesson to assist you. You may NOT use an example from the lesson. You must also use key vocabulary words from the lesson. Your work will be graded using the 2.04 Determinants of Elasticity Essay Rubric. BLUE S S. Pa 7t G Review Answers