(Answered) Assignment microeconomics markets and elasticity of

Economics

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?

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Microeconomics, Economics

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