1. Analyze the implications of the government not getting involved in markets and why it is important that prices are flexible in our economy. Identify a product that you have seen change in price and explain one determinant of demandIfactors that caused the demand to shift) that had the greatest impact on increasing the demand. Evaluate how a store manager would solve for a shortage that is present in markets.
2. Analyze two goods/services that you think are elastic and inelastic in your daily life that you have recently purchased or not when the price changes(relate your answer to the characteristics of elasticity). Analyze if you were a manager of a store, what would you rather sell, elastic or inelastic goods/services.
Explanation & Answer length: 3 Paragraphs Each
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