Is your demand for this product elastic or inelastic

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The demand for goods varies based on the change in the price of the goods. For example, if oatmeal costs less than cereal, consumers would buy more oatmeal for breakfast. However, the demand for inexpensive goods and services is not significantly affected by price fluctuations. Similarly, the demand for essential goods that have no substitute on the market, rarely changes with a change in price. Address the following: Identify a product that you regularly consume, such as soft drinks or a particular snack food. Describe how your demand (consumption) will be impacted by a 25% price increase. Conversely, how will your demand (consumption) change if the price drops by 25%? Is your demand for this product elastic or inelastic? Explain why.

Reference no: EM131089619

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