Think about a product with which you are familiar. Discuss how elastic demand for this product is likely to be. Make sure that you are very clear about the exact product that you are considering. For example, if you are thinking about demand for burgers in general then you should be clear that you are considering changes in the price of all burgers.If, in contrast, you are only thinking about Big Macs, they you should be clear that you are only considering this specific type of burger.Make sure that you refer to at least TWO things that might affect the elasticity of demand for that product as discussed in the book or the class lectures.

Discuss how elastic demand for Rolex Watches