Apply price elasticity of demand to product markets Think of any public good, such as public parks or homeland security. In the context of the public…
Apply price elasticity of demand to product marketsThink of any public good, such as public parks or homeland security. In the context of the public good, post a response to the following.How do you think the principles of price elasticity of demand might be applied to the pricing of public goods? Explain your reasoning and assumptions, as well as how it might affect efficiency.What economic principles might the provider of public goodsthe government, in most casesuse to price these goods? Use examples to explain your reasoning.Post your primary response. Be sure to review your writing for grammar and spelling before posting. Include citations in APA format
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