Question 14 Elasticity of demand for a product in the short run usually differs significantly from...

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Answer 1

Answer #1

Elasticity of demand can be described as the change in the quantity demanded of a good when the price changes.
For any product, the elasticity of demand usually differs significantly in the short run and the long run.
This is because, short run is a time period where people do not get enough time to adjust quickly to the price changes due to the limited availability of time.
This makes their demand inelastic which means that they do not respond quickly to the price changes and their demand for a product will not undergo any significant change when the price increases or decreases.
But in the long run, people have enough time to explore and compare the prices of each and every substitute of a product. This will allow them to choose a lower priced product.
Hence their demand becomes more elastic in the long run and changes more quickly with the changes in the price.

Answer 2

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