Economic

Junk Food and Elasticity

Respond to the following prompts in a post with a minimum of 200 words, 

•Recently there has been discussion in the news about taxing junk food (soft drinks, for example) in an effort to reduce the incidence of obesity in the U.S. Do you think the demand for junk food is elastic or inelastic with respect to price?

Supply and Demand

Respond to the following prompts in a post with a minimum of 250 words,

 •Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain.