Questions:
QUESTION 1
Identify two elastic and two inelastic goods that you have purchased in the last month and explain the main reason why you identified them as such.
QUESTION 2
"Production Costs" Please respond to the following:
You are the owner of a fast-food restaurant. Given a new item that you recently advertised, you experience additional demand for your business that you do not want to ignore. Identify your fixed and variable costs at your fast-food restaurant, and explain the changes to each of these costs given the increased demand.