Problem
1. Search YouTube for the video titled Black Friday 2006-Best Buy Line. Do the early shoppers appear to have elastic or inelastic demand on Black Friday? Explain your response.
2. College logo T-shirts priced at $15 sell at a rate of 25 per week, but when the bookstore marks them down by 33%, it finds that it can sell twice as many T-shirts per week. What is the price elasticity of demand for the logo T-shirts?
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.