According to Investopedia, Elasticity is a measure of a variable’s sensitivity to a change in another variable; most commonly, this sensitivity is the change in quantity demanded relative to changes in other factors, such as price.
Define elasticity in your own words and then explain consumer demand elasticity as it pertains to three products you have purchased recently.
Next, take these three products and explain how your elasticity changes with each of the four determinants of price elasticity on page 88, 5.1.(PDF Attached)
Would you consider yourself more elastic or inelastic to price changes? Why?
What factors would change your elasticity?
I have attached a PDF for the 4 determinants and this can be used for the source. Source information below:
Mankiw, G. N. (2024). Principles of Macroeconomics (10th ed.). Boston, MA: Cengage Learning.