I purchased a pair boot in the past month from a shoe store Is the product considered elastic, inelastic, or unitary elastic? In a few sentences, what effect does the current supply and current demand have on this product?

To determine whether the product is elastic, inelastic, or unitary elastic, you need to consider the price elasticity of demand. Price elasticity of demand measures how responsive the quantity demanded of a product is to changes in its price. If the demand for the boots is highly responsive to changes in price, meaning a small change in price leads to a large change in quantity demanded, then the product is considered elastic. If the demand is not very responsive to price changes, then it is considered inelastic. If the demand responds proportionally to price changes, it is considered unitary elastic.

To assess the effect of current supply and demand on the boots, you'll need to know the specific conditions of the market. Generally, if the current supply of boots is low relative to the demand, it creates scarcity, which can lead to higher prices and increased competition among buyers. As a result, sellers may be able to charge higher prices and still sell their products. Conversely, if there is an excess supply of boots, it can lead to lower prices and more bargaining power for buyers. The interplay between supply and demand ultimately determines the equilibrium price and quantity of the product in the market.