WEEK 2 discussions
"Demand and Supply" Please respond to the following:
· Discuss one recent price change that you have noticed while visiting your local supermarket. Determine whether or not the price change that you identified was a result of a change in either supply or demand.
· Based on your response to the first part of this discussion, identify what may have caused the shift in either supply or demand.
"Elasticity" Please respond to the following:
· Identify two elastic and two inelastic goods that you have purchased in the last month.
· Using the determinants of elasticity, explain why each good you selected is elastic or inelastic.