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