Question 1. Your Price Elasticities of Demand

Participate in a discussion regarding the price elasticities, which is a measure of the responsiveness of the quantity demanded of a good to a change in its price when all other influences on buyers' plans remain the same. Describe your price elasticities for such products and discuss the movement of your demand for such a good when the price of that good rises. Is your demand for the selected good is elastic, unit elastic, or inelastic?

Cite reference.

Question 2.

Participate in a regarding price gouging. "Price gouging" is when a seller responds to high demand by charging as much as they possibly can, even if that price exceeds what most people think is reasonable.

The average consumer thinks that price gouging is unfair. Some even believe it should be illegal. But most economists believe it is an efficient response to the market. What do you think? Should price gouging be illegal? Is it fair? With great references