At times, the elasticity and inelasticity of demand of a product can be a personal decision. What might be an important “must have” product for one person may not have the same importance for another person.Therefore, the demand of some products may be elastic for one person and inelastic for another.
Discuss two products that you purchase on a regular basis. Your demand for one product should be elastic, and the demand for the other product should be inelastic. In an entry of at least one paragraph, describe each product and why your demand for each is elastic or inelastic.