Problem
1. Give examples of commodities whose demand you would expect to be elastic and commodities whose demand you would expect to be inelastic.
2. A rise in the price of a certain commodity from $20 to $25 reduces quantity demanded from 25,000 to 10,000 units. Calculate the price elasticity of demand.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.