Select an industry that is affected by the economy, such as the airlines, automotive, home building, or technological industry.

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.