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Look around your house or apartment and find an item that you would consider elastic, find...

Look around your house or apartment and find an item that you would consider elastic, find another item you think may be unit elastic and another that you would consider inelastic. Using the reading as to support your ideas, discuss why you think the items have the relative elasticity that they do.


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Elastic goods in my apartment right now = protein shake (optimum nutrition), this is elastic as there are many substitute for the goods i will just buy some other brands if the price of this increase.

Inelastic goods = pain killers, this is inelastic because even if the price of the goods increase i will have to buy it even at a higher price.

The protein shake is elastic because as the price of the goods increase the demand will fall more than the increase in the price level, and as there are many close substitutes of it like chicken, steaks and fruits. the pain killers are inelastic because even if the price of them increase the demand for the goods will not fall.

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