Read this linked PDF article called Price Elasticity of Demand (Links to an external site.)and review the Price Elasticities listed in the table.

https://scholar.harvard.edu/files/alada/files/price_elasticity_of_demand_handout.pdf

Choose one good from the list that is inelastic and one good from the list that is elastic. After you have made your selection, please answer the following questions; submit your answers using this assignment's upload or Text Entry options.

1. Refer to the Determinants of Price Elasticity as mentioned in the textbook. Describe which determinants contribute to its Price Elasticity of Demand of each of the goods that you have chosen.

2. Describe something that might change the price elasticity of each of the goods. What situation might influence if a good is elastic or inelastic?

3. Now consider the market you have chosen to research for you Real World Markets research paper.

• Again refer to the Determinants of Price Elasticity and describe how each of those determinants impacts the good in your chosen market.
• Analyzing those determinants, state whether you believe the good in your market is relatively elastic or inelastic and why.