Assignment
Select six products or/and services that you consume and write an analysis of the elasticity of demand for each of the six products or services. Try to select products or/and services which have different characteristics. For example do not select necessities only or luxury goods only.
In your analysis of the elasticity of demand, consider things like the following:
factors that determine/affect the elasticity of demand for those products or/and services
try to outline and analyse as many factor as you can think
be specific and use examples, do not just outline the theory that you read in the weekly materials,
how do these factors affect the elasticity of demand and what would happen if there was a change in these factors (be specific and use examples)
Find in the literature or on the internet two sources (for each product or/and service) which provide estimates of the elasticity of demand for your selected products and discuss those estimates.
Why is it important for firms to consider the elasticity of demand when they make decisions about their products? Use examples relating to your selected products to demonstrate your answer. Support your arguments with theory and outside sources.
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.