This week, we look at consumer demand. For this discussion, you need to identify and describe one (and only one) elastic market as well as one (and only one) inelastic market of your choosing.

Indicate why your choices have the relative elasticities that they do. In addition to your personal reasons for the choices, you need to apply the determinants of elasticity to sort why your choice in Market One is elastic and why the choice in Market Two is inelastic.

So, for Market One: What is a good or service that you purchase in your life for which your demand is most elastic? Why?

Now, for Market Two: What is a good or service that you purchase in your life for which your demand is highly inelastic? Why? Be sure to draw upon Chapter 19 for your analysis.