Elasticity of Demand

Elasticity of Demand

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Considering Elasticity of Demand, think of your favorite consumer product. This can be food, a favorite place to hang out, or whatever
else you can think of. The only criteria is that the product or service has to be something that you purchase on a REGULAR basis and
is not particularly elastic in price. In other words, you’d still use this product or service even if the price went up a bit. In your discussion, identify your product or service and reflect on how you were first introduced to it. Did you choose this product or service based on a rational evaluation of its pros and cons based on your income and utility, or did you try this item based on advertising, word of mouth, a coupon, or some other form of “induced demand”?

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