Select a product or service and discuss your subjective estimateof its price elasticity of demand. Is it highly elastic orinelastic, unitary elastic, etc.? Does it matter if you select a specific brand of a product, suchas Kellogg’s corn flakes, versus breakfast cereal or Exxon gasolineversus gasoline in general? What is the relationship between price elasticity and the effecton total revenue if the price of your product or service goes up ordown? . . .