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I think drones are definitely changing the elasticity for the amount of soldiers needed in the military. Perhaps someday we won't even need live action soldiers.

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I think the demand for free college at this point is pretty inelastic but I really want it. The government can only supply so much to it's people.

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Recently a lot of people have most likely wanted red and blue hair dye to dress up like Harley. Suppliers easily can accommodate to this fluctuation in demand.

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My personal demand for wifi is pretty inelastic. I will pay any price to have it and I won't stop buying it.

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I think music radio stations are most likely elastic in demand for most people. It's a nice thing to have but there are substitutes and other things to replace the radio stations with. Let's say one has to pay to listen, they might just not listen anymore.

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I think most people are elastic about Menchies frozen yogurt. It's a nice thing to have during the summer but if it became too expensive people wouldn't have the incentive to buy it as much

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Milk is inelastic for my family, we do not live without milk and the price doesn't mater to us, nor effect the demand quantity we have for it.

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In my family, Netflix is a must. So even if the price of Netflix were to increase, we would continue to faithfully subscribe because we love Netflix.

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I've experience diminishing marginal utility with my car. When I bought it it was worth 3,000 dollars, but now it's not even worth 1,000 and soon it will be totaled when the cost of keeping my car healthy outweighs it's utility.

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I think profit motive is to use everything in an oil barrel. They use the oil and the tar substances, they use every drop of the resource because it is scarce.

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I chose rainforests for this example because rainforests and their natural resource are a cost of the goods I purchase, such as books, lined paper, and folders etc.

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I would think suppliers will want to make more iPhone 7's because they are the new expensive phone so they will make more off this product. T

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In substitution for on brand Nutella, I bought the cheaper generic brand of hazelnut spread.

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When I get paid, I tend to buy more burritos because I demand more burritos and I have more money now to buy them with.

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For my lip ring I was willing to pay a maximum of $50.00 to have the service of getting my lip pierced and the jewelry at that time.

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Knowing what supply and demand is gives me incredible super sonic economic powers; I can make choices about the things I want in life with a more educated influence than the consumer next to me who doesn't know monkey about the economy. Knowing my economic surroundings is extremely important in terms of predicting what the people around me will do, I can understand patterns now and I can avoid making blind choices.