Assessing Demand Consider a consumer product you like or use (e.g., an iPhone, your car, dental floss, favorite soda, etc.). Describe the variables that might be part of the demand function for this product (like substitutes, complements, advertising, switching costs, etc.). How would you describe the elasticity of demand for this product: Is it highly or somewhat elastic or inelastic or somewhere in between? Why? Consider a consumer product you like or use (e.g., an iPhone, your car, dental floss, favorite soda, etc.). Describe the variables that might be part of the demand function for this product (like substitutes, complements, advertising, switching costs, etc.). How would you describe the elasticity of demand for this product: Is it highly or somewhat elastic or inelastic or somewhere in between? Why?
