You should post a memo which you describe the factors that contribute to the elasticity of goods. You should also incorporate real-life example of price elasticity of demand, and discuss how it impacts the economy.
- Discuss in detail the influences of price elasticity of demand.
- Explain the factors that contribute to the elasticity of goods.
- Discuss how these factors influence consumers to purchase goods or services.
- Explain how price elasticity of demand relates to microeconomics.
- Give a real-life example of a good that shows elasticity of demand.
- Incorporate the real-life example into the memo.
- Explain if the good is elastic, inelastic, or unitarily elastic. Why?