ECON&201 22758 Microeconomics ( writing questions based on article) Product prices, elastic or inelastic products

Description

https://www.seattletimes.com/business/economy/seat…

Worth a fair amount of points so the answers to the questions need to be in full paragraphs for each question, preferably at least 2 paragraphs per question. Although inflation is a topic for macroeconomics, there are many microeconomic implications.

1. Summarize what you feel are the three main concepts brought out in the article.

2. Review the table “Change in prices of Seattle’s market basket of goods and services”. Pick out 5 items and explain why you feel they are elastic or inelastic products. Are these goods complements or substitutes?

3. How do you think consumers will change their purchasing habits for these 5 items? Why? (Be sure to refer to the graph also that compares the rising prices to rising income. Are these products income elastic or inelastic?)

4. How will you change your shopping habits? (If you do not live in the Seattle area, how have you changed your buying habits where you live?)

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