Figure: Elasticity of Swim Trunks 
The demand for swim trunks appears in the figure. What is the elasticity of demand for swim trunks? Suppose that your swimwear business is currently overstocked with swim trunks. If you want to sell 18 percent more swim trunks, how much should you cut your price?
Definitions:
Encoding
The process of converting information into a form that can be stored in the memory.
Storage
In the context of memory, it refers to the process of maintaining information in the brain over time.
Priming
The process by which exposure to a stimulus influences a response to a subsequent stimulus, making certain responses more likely.
Storage
In psychology, the retention of information or experiences in the brain over time, a key aspect of the memory process.
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