IDNLearn.com provides a collaborative environment for finding accurate answers. Get prompt and accurate answers to your questions from our community of experts who are always ready to help.

Why are some goods inelastic and some goods elastic?

Sagot :

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.