Explain your reaction to the price change in terms of it being either elastic or inelastic.

Name a relatively inexpensive product that you purchase on a regular basis. If the price of that pro Show more Name a relatively inexpensive product that you purchase on a regular basis. If the price of that product increased by 25% how would you react? Why? Is your response considered to be ELASTIC or INELASTIC? Now name a relatively expensive product that you purchase less frequently. If the price of that product increased by 25% how would you react? Why? Is your response considered to be ELASTIC or INELASTIC? Lets consider the price of gasoline. It has been changing a lot over the course of the last few years. How have you responded to these changes? Explain your reaction to the price change in terms of it being either elastic or inelastic. Would you react differently if you believe that increased gas prices will be temporary (short run) as opposed to being a long run phenomenon? How so and why? Show less

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Approximately 250 words