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Is product considered elastic inelastic or unitary elastic

Assignment Help Microeconomics
Reference no: EM131357522

Assignment: Microeconomics, Markets, and Elasticity of Demand

Please draw on your experiences as a consumer to address the following questions and topics:

1. Choose a product you have purchased in the past month from a clothing or shoe store.

2. Describe how each of the 4 factors contributed to the elasticity of the good.

3. Is the product considered elastic, inelastic, or unitary elastic?

4. In a few sentences, what effect does the current supply and current demand have on this product?

Reference no: EM131357522

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