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3. What is the difference between elastic and inelastic demand? Use your own
perspective and experience as a consumer to give an example of each, being sure to
clearly explain why you consider your demand for these goods to be elastic or
inelastic. (4 points)

Sagot :

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The elasticity of demand is when a change in the price will affect the demand for the goods.

What is the demand?

Demand refers to a consumer's desire to buy products and services, as well as their ability to pay a price for them. When the demands for any goods rise, then the price of the goods will also increase.

In elastic demand, the shift in the demand curve as a result of a price change is large whereas the change in quantity demanded as a result of a price change is minor in an inelastic demand.

An example of inelastic demand will be Gasoline since individuals buy about the same amount even when prices go up. Cereals or durables consumed are referred to as an example of elastic demand so these can be postponed if the prices are high.

Learn more about Demand, here:

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