I am to do research on an industry and answer the question is price elasticity of demand considered elastic or inelastic? Are there substitutes available? Is the good a luxury or a necessity? Explain.

o What is the price elasticity of supply for your chosen industry? Explain.

My question is how do you search for this? i am lost when it comes to economics.

When conducting research on an industry and gathering information related to price elasticity of demand, substitutes, necessity or luxury, and price elasticity of supply, there are several steps you can follow. Here is a general approach:

1. Start with a basic understanding of the concepts:
- Price elasticity of demand: It measures how sensitive the quantity demanded of a good is to changes in its price.
- Substitutes: These are alternative goods that consumers can switch to if the price of a particular good changes.
- Necessity vs. luxury: A necessity is a good that is essential for consumers, while a luxury is a non-essential, optional good.
- Price elasticity of supply: It measures how sensitive the quantity supplied of a good is to changes in its price.

2. Conduct a literature review:
- Start by searching for academic articles, research papers, and books related to your chosen industry.
- Look for sources that explain the price elasticity of demand for that industry and whether it is considered elastic or inelastic.
- Additionally, search for information on the availability of substitutes and whether the good is classified as a luxury or a necessity.
- Finally, explore sources that discuss the price elasticity of supply for your chosen industry.

3. Utilize reputable sources:
- Look for information from reputable sources such as academic journals, government publications, industry reports, and economic research institutes.
- These sources typically provide reliable and up-to-date data and analysis.

4. Consider statistical data and empirical studies:
- Check for any available data or studies that provide specific values of price elasticity of demand or price elasticity of supply for the industry you are researching.
- Government data, industry reports, or research studies may provide these values, which can help you draw conclusions about the elasticity of demand and supply within the industry.

5. Analyze and synthesize the information:
- Once you have gathered sufficient information, analyze the data and synthesize your findings to answer the questions regarding price elasticity of demand, substitutes, necessity or luxury, and price elasticity of supply for your chosen industry.
- Use economic principles and logic to draw conclusions and support your answers.

Remember, if you are unfamiliar with economics, it can be helpful to consult textbooks, online tutorials, or even reach out to a subject matter expert for guidance.

To search for information on the price elasticity of demand, substitutes, and whether a good is considered a luxury or a necessity, you can follow these steps:

1. Start by identifying the industry you want to research. For example, let's say you are interested in studying the automobile industry.

2. Begin your search by looking for reputable sources of information such as academic journals, economic publications, government reports, or industry-specific reports. These sources often provide detailed analysis and data on price elasticity and other related factors.

3. Search for keywords such as "price elasticity of demand in the automobile industry," "substitutes for automobiles," or "luxury versus necessity in the automobile industry." These keywords will help you find relevant information on these specific aspects.

4. Read through the search results and select the sources that provide relevant insights. Pay attention to articles or reports that discuss the determinants of price elasticity of demand and whether the good is considered elastic or inelastic.

5. Look for information on the availability of substitutes for automobiles within the industry. Consider factors such as the availability of public transportation, car-sharing services, or alternative modes of transportation like bicycles or electric scooters.

6. To determine if an automobile is considered a luxury or necessity, look for studies or surveys that examine consumer behavior and preferences. Consider factors such as income elasticity of demand, consumer spending patterns, and whether the purchase of automobiles is discretionary or essential for most consumers.

7. Repeat the process for researching the price elasticity of supply in the chosen industry. Use similar keywords, such as "price elasticity of supply in the automobile industry," to find relevant information on this topic.

8. Analyze the information you find to form your own understanding and conclusions about the price elasticity of demand, substitutes availability, and whether the good is a luxury or necessity in the chosen industry.

Remember to use reliable sources and cite your references properly when presenting your research findings.