old methodologies to study, analyze, and estimate relevant price elasticities. This paper was an gateway to seeing how some studies and economic research has been taking place and where. I found some of the studies to be trivial. This meaning that the authors used creative techniques to figure and estimate some of the elasticities. I also found it interesting how I could relate to the real life situations such as the Lottery. For example, when the lottery starts rolling over it creates a hype, and the demand goes up. I was always aware of this phenomenon but never realized what it actually was. ...
