This assignment has two components:
First, write a brief explanation of what elasticity is and how it works.
Secondly, create your own example of price elasticity of demand (the same as we have worked with in class this week.) Create a brief scenario, draw a graph to illustrate the question, calculate (show your work) the % changes in price and quantity demanded. Then calculate the price elasticity for your product, calculate the change in total revenue that would occr from the change in price and explain wheter the price should be changed as indicated in your scenario. Be sure to include the graph and all formulae and your calculations. Also include one picture which relates to the topic or your scenario.
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