Why are some goods inelastic and some goods elastic?

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07-02-2022
Law

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Why are some goods inelastic and some goods elastic?

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SeoYoenidn SeoYoenidn · Answer 1 · 2022-02-07T10:57:38-05:00

SeoYoenidn SeoYoenidn

07-02-2022

Answer:

A product is considered to be elastic if the quantity demand of the product changes more than proportionally when its price increases or decreases. Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.

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