Elastic vs Inelastic Demand
Write a discussion post that identifies real world goods or services that have elastic/inelastic demand.
*Name a specific good or service that has inelastic demand (it has a steep demand curve).
*Explain why quantity demanded does not change in response to an increase or decrease in price.
*Then name a specific good or service that has elastic demand (it has a relatively flat demand curve).
*Explain why quantity demanded does change a lot in response to an increase or decrease in price.
*Which of these two goods is most likely to be taxed.
