Elasticity of demand defined-Microeconomic-
Pick a product or service that you consume on a regular basis and speculate on what the elasticity of demand might be for that product. What might be the income elasticity of demand for that product? Explain and support why you think the product has the elasticity that it does based on how price sensitive you think people are when it comes to this product or service.
Try for a well worded 100 word response.