Essay Problem
In a 5 paragraph essay, describe Elasticity of Demand and Supply. As you write the essay, focus on elastic versus inelastic (the laws of supply and demand), what causes a product to be inelastic for each (give some specific examples) and the effects of inelasticity of demand on revenue and inelasticity of supply on product availability in a market.
The essay should follow the normal 5 paragraph structure and will be graded on accuracy and completeness.
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.