The assignment focuses on elasticity in microeconomics and how it impacts, influences, and shapes various products within an economic market. For this assignment, you will be addressing a series of questions around elasticity and will be required to conduct additional research in writing your responses. You will also provide, in your own words, definitions and examples of elasticity types. The APA formatted paper will be separated into two parts.
In a Microsoft Word document, complete the following.
Choose any five products that exist within an economic market then classify and describe their ‘elasticity’ (relatively inelastic, relatively elastic, perfectly elastic, perfectly inelastic, unitary elastic).
In each case, please explain what would occur if:
In your own words, please define, describe, and use an example for each of the following terms using a minimum of 50 words each.