TASK Elasticity of Demand is very important to consider when pricing and marketing products whether tangible or intangible Answer the questions below as the basis for discussion and questions . If the price of your product is 10.99 and you increase it by 10% and the demand falls from 150 units a weeks to 130 a week as a result, is the demand elastic or inelastic What would the demand curve look like . Imagine there is a press release out stating that tomatoes are good to prevent cancer...what may happen to the demand curve - draw it . List some factors which may make for inelasticity of demand...what does this mean to the pricing of your product . If your income rises would your demand for all types of goods rise? Explain with examples . What are Giffen Goods...do they exist today