Question: write a summary on the Topic Elasticities and Efficiency and Market Failures from Principles of Economics. In your summary include answers/comments on the following points/questions:

write a summary on the Topic Elasticities and Efficiency and Market Failures from Principles of Economics. In your summary include answers/comments on the following points/questions:

Considering price elasticity give 3 examples of goods or services that have elastic demand.

What is an inferior good? Give an example.

Give examples of three pairs of goods that are substitutes. Give examples of three pairs of goods that are complements.

What is consumer's surplus? What is producer?

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