Step One: Begin by describing the process for calculating price elasticity of demand. Then, using fictitious numbers, calculate the price elasticity of demand for donuts at different prices. Remember that you are using your own prices and quantity demanded at each price. Step Two: Next, identify a product that has a perfectly elastic price elasticity of demand (changes in price cause demand to fall to zero) and explain why, and then identify a product that has perfectly inelastic price elasticity of demand (price changes don't affect demand) and explain why. Step Three: Describe the factors that influence the price elasticity of demand for a product. Step Four: Classify each of the following products as elastic, inelastic, or unitary elastic and explain why. a) Athletic shoes. b) Medicine for Diabetes. c) Fast food. d) College education at Harvard. e) Pens () Houses in McAllen