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Using the supply-demand model from class:
a. Draw the market for Highlighter pens, assuming that demand for the pens is relatively elastic. Show the equilibrium price and quantity in the market.
b. A new product has entered the market - highlighter pencils which are environmentally friendly as they are made from wood (a recycled product) rather than plastic. Show how this affects the market equilibrium price and quantity for highlighter pens.
C. How would your answer be different if the market demand for highlighter pens is more inelastic?
d. In reality which do you think is more likely - demand for highlighter pens would be elastic or inelastic? Explain your reasoning.
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