Select an industry that is affected by the economy, such as the airlines, automotive, home building, or technological industry.
Research how a current or past event in the industry has caused shifts with the price elasticity of supply and demand.
Research whether the industry produces public goods or common resources.
Find 2 sources to help you answer the following questions about the industry you chose:
1) In your chosen industry, is price elasticity of demand considered elastic or inelastic? Are there substitutes available? Is the good a luxury or a necessity? Please explain.
2) What is the price elasticity of supply for your chosen industry? Please explain.