discuss why two products you buy have price elastic demand.List and discuss why two products you...

Question

Question

discuss why two products you buy have price elastic demand.List and discuss why two products you buy have price inelastic demand.

Answer 1

Answer #1

Two products that I buy having elastic demand are:-

1) jam

2) biscuit

They are price elastic because they have easy substitute. Like peanut butter or cookies.

Two products that I buy having inelastic demand are:-

1) gasoline

2) water

They are relatively inelastic because we don't have any other option but to use them. They don't have close and cheaper substitute.

Answer 2

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