Please write 200 words to each paragraph Paragraph 1 1) Elastic Demand: Offer

Please write 200 words to each paragraph
Paragraph 1
1) Elastic Demand:
Offer an example of a good for which your individual demand is elastic. Explain why your demand for this good is elastic.
In the past, how has your high elasticity of demand for this good affected your consumption? In other words, when the price of this good has changed, describe how your buying habits changed.
Do you think most consumers would also have an elastic demand for this good? Why or why not?
Paragraph 2
2) Tax Incidence
Based on your knowledge of tax incidence, who do you think pays the fuel taxes imposed on gasoline: buyers or sellers? Explain your answer.
Do you expect fuel taxes would be effective at reducing gasoline consumption? Why or why not?
Based on your answers, is it worth reducing fuel taxes when gas prices are high? Explain your answer.