3. Describe thoroughly the steps you used (and why you used them) in question two to
make the changes in the demand and supply curve.
4. Explain thoroughly methods to correct the economic problem (demand or supply) you
identified in these two industries.
5. Determine if the elasticity of demand is elastic or inelastic for these products in the
short-run. Explain why you believe they are elastic or inelastic.
6. Summary: what do you believe the long-run outlook is regarding the demand, supply,
and elasticity of these products?
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