Illustrate what kinds of changes in underlying

Reference no: EM1328255

Supply/demand analysis and elasticity of demand

What kinds of changes in underlying conditions can cause the supply and demand curves to shift? Give examples and explain the direction in which the curves shift.

What is price elasticity? Give examples of five products whose demand is price elastic, and five products whose demand is price inelastic and elaborate on the choices you make.

Reference no: EM1328255

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