***Write one paragraph feedback about your classmate answers. Please give explain your feedback well.***

Although prices rise and inflation becomes worse, Americans are showing about the same amount of demand. However, "Economists say many lower-income households have probably already exhausted their savings" (Casselman and DePillis, 2022). This is most likely due to the inelastic demand of household goods and gas. If the situation stays the same and households continue to exhaust their savings, we will probably see a leftward shift in demand as goods become unaffordable. This would also cause a leftward shift in supply to compensate for equilibrium price.

Learning about different types of elasticity in supply and demand was interesting. What I found most relatable is the inelastic demand of household goods and gas. These goods are a necessity to almost everyone, so it's important that the prices don't increase rapidly or at most increase at a proportional rate to the increase in the average household income.