Discuss the influences of price elasticity of demand

Post a memo to explain the factors that contribute to the elasticity of goods. You must also incorporate a real-life example of price elasticity of demand, and discuss how it impacts the economy.

* Discuss in detail the influences of price elasticity of demand.
* Explain the factors that contribute to the elasticity of goods.
* Discuss how these factors influence consumers to purchase goods or services.
* Explain how price elasticity of demand relates to microeconomics.
* Give a real-life example of a good that shows elasticity of demand.
* Incorporate the real-life example into the memo.
* Explain if the good is elastic, inelastic, or unitarily elastic. Why?

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