Assignment: Microeconomics, Markets, and Elasticity of Demand
Please draw on your experiences as a consumer to address the following questions and topics:
1. Choose a product you have purchased in the past month from a clothing or shoe store.
2. Describe how each of the 4 factors contributed to the elasticity of the good.
3. Is the product considered elastic, inelastic, or unitary elastic?
4. In a few sentences, what effect does the current supply and current demand have on this product?