Assignment:
Give answer on your experiences as a consumer to address the following questions and topics:
Q.1 Choose a product you have purchased in the past month from a clothing or shoe store.
Q.2 Describe how each of the 4 factors contributed to the elasticity of the good.
Q.3 Is the product considered elastic, inelastic, or unitary elastic?
Q.4 In a few sentences, what effect does the current supply and current demand have on this product?