Answer question 1 and 2 below:
Question 1: Read the following article (A Refresher on Price Elasticity), in your own words write a summary of the article. (No less than 200 words)
Question 2: Given what you now know about the determinants of price elasticity of demand pick 2 goods/services from the list below and for each explain whether its demand is elastic or inelastic and justify your answer.
Gasoline, vacation trip, a meal at McDonald’s, Principles of Macroeconomics Textbook, Pfizer Vaccine, a pair of Air Jordan shoes.
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