Problem 1: Define the concept of elasticity.
Problem 2: Explain how a higher price and a lower price affect consumers and producers.
Problem 3: Share how the changes in price for elastic good and an inelastic good you use regularly have affected your purchasing and lifestyle.
Problem 4: As a final note, does price elasticity of demand influence what goods and services are taxed by local, state, and national government authorities?
Reference:
Asarta, C. J., Butters, R. (2022). Connect master principles of economics. McGraw-Hill.