A. Micro application Provide an example of a good with an:
1. ELASTIC DEMAND – by discussing a personal experience that illustrates this. Clearly state the REASON* in explaining your answer. (~100 words)
2. INELASTIC DEMAND – by discussing a personal experience that illustrates this. Again, clearly state the REASON* why in explaining your answer. (~100 words)
Notes: if possible personal experience has something to do with golf but if not it is also ok
1. You are expected to write around 100 words per answer
2. Clearly state the WORD COUNT after each of your 2 answers.
3. *The REASON should be one of the DETERMINANTS of elasticity
-The number and closeness of substitutes (necessity, addictiveness, branding and advertising)
-The proportion of income (allowance) spent on the good.
-Time period considered
B. Macro application Clip an article that has something to do with the current COVID-19 pandemic to which you can APPLY the concept of PRICE ELASTICITY OF DEMAND . For example, PPE shortage and increasing prices, demand for travel, restaurant dining, cars and gasoline, movie houses, etc. Focus particularly on the relationship of PRICE and QUANTITY DEMANDED.
1. Word count is around 200-250 words.
2. Highlight portions of the article that are relevant to your commentary.
3. BOLD PRINT key economic terms that you will use in your commentary.
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