Identify two (2) elastic and two (2) inelastic goods that you have purchased in the last month and explain the main reason why you identified them as such.

“Demand and Supply” Please respond to the following

  • Discuss one (1) recent price change that you have noticed while visiting your local supermarket. Speculate on whether or not the price change that you identified was a result of a change in either supply or demand. Provide a rationale for your response.

 “Elasticity” Please respond to the following:

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  • Identify two (2) elastic and two (2) inelastic goods that you have purchased in the last month and explain the main reason why you identified them as such.

 

“Perfect Competition” Please respond to the following:

  • Examine a perfectly competitive firm that you have recently purchased a product from, focusing specifically on how the firm operates relative to the characteristics of the market.

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