Question

# Choose a product you have purchased in the past month from a grocery or home improvement store.
# Describe how each of the 4 factors contributed to the elasticity of the good.
# Is the product considered elastic, inelastic, or unitary elastic?
# In a few sentences, what effect does the current supply and current demand have on this product?

Answer 1

I purchased 12 rolls of toilet paper. What did you buy?

Answer 2

Per capita real GDP in country L is three times as high as in country M.
The economic growth rate in country M is 8 percent while country L’s
economy grows at a rate of 5 percent.