Evaluate each inventory error and determine whether it overstates or understates each item. 
Definitions:
Sum of Demand Curves
The aggregate demand curve that is obtained by horizontally adding individual demand curves in a market.
Snob Effect
A phenomenon where the demand for a certain good increases as the price increases because the good is perceived as being more desirable, exclusive, or prestigious.
Luxury Goods
High-quality, expensive items that are not essential but are desired for their status symbol and prestige.
Inelastic Demand
A situation where the demand for a product or service does not significantly change in response to a price change, indicating consumers’ willingness to buy regardless of price adjustments.
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