Elasticity and Products

Elasticity and Products Order Description   Part 1: Elasticity and Products •Choose any five products that exist within and economic market and classify and describe their ‘ elasticity’ (inelastic, elasticity, perfect elastic, perfect inelastic, unitary elastic). ?In each case, please explain what would occur if: ? income increased ? loss of a job ?a substitute was introduced ?there was a sudden shortage of the product     Part 2: Examples of Elasticity •In your own words, please define, describe, and use an example for each of the follow terms: ?Unitary Elastic ?Perfect Elastic ?Income Elasticity of Demand ?Cross Elasticity of Demand   APA Formatting • be sure to validate your opinions and ideas with citations and references in APA format •You must use APA Formatting for this paper. •This paper should be at least 500 words in length. •research and utilize at least 3 resources in creating this paper.