WHAT DO YOU THINK ABOUT THIS?DO YOU AGREE?WHY OR WHY NOT?

1. What two products or services did you buy? State whether they are elastic or inelastic, estimate their elasticity coefficient and explain why they are elastic or inelastic.

2022 Honda Civic Sport, Elastic, 2.8- Similar to the example, I was actually shopping around for a car last year.

Collectors Edition for a video game, Inelastic, 0- Though I really really wanted that video game edition, I am not able to get it.

2. Do you consider yourself to be price sensitive? Give a rating on a scale of 1 to 10, with 0 = not price sensitive at all and 10 = extremely price sensitive. Explain why and providean example.

I wouldn't say I would consider myself someone to be price sensitive. If I had to rate myself I would portably put myself around a 6.5 to possibly a 7. I love to spend my money on my passions/hobbies whether that is video games, cameras for my photography, clothes , etc. Though I don't mind sending money on what I like, I also like to be honest with myself. If I like a camera that is 1,000 I will most likely look for an alternative that is cheaper or save money for a long period of time to buy the item.

3. Suppose your income at the time you purchased these items now suddenly tripled e.g. went from $30,000 to $90,000 annually. Would you still buy the same items or something else? If so, what would you buy?

Personally I would still like to buy the same items I usually get, even with the huge income increase. Don't get me wrong though, I wouldn't mind buying something really nice every now and then. However, I still think its important for me to watch how I am spending my money.

4. Based on your answer in #3, does that make your items inferior or normal goods?

My answer for number 3 would be a mixture of inferior and normal goods. For example, clothing would actually be included in the normal goods category. So it would be a mix between both inferior and normal goods.

5. For fun, imagine you are now one of the Kardashians.State which one you are (e.g. Kim, Khloe, Rob, etc).Would they buy something else instead of your original purchase? What would the Kardashian purchase instead?

Though I wouldn't like to be Kim Kardashian, for sure I don't believe she would be buying any video games I am into. I also believe she would not be buying film cameras for my bookshelf collection (which I actually use out in the real world). I feel like instead of buying the stuff I am into, she would most likely some unique clothes and cars with fur on it.