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What is the difference between elastic demand and inelastic demand?
Wiki User
∙ 14y ago
Elastic demand is essentially when something it a luxury, hence it can become less when price increases eg. that last piece of choc cake that you would normally buy, you decide not to, whereas the inelastic demand generally refers to a product/service that is essential or a necessity so as the price increases the consumption should remain the same regardless of price increase. for instance you need a loaf of bread, your going to buy it regardless of increase.
there is the process of substitution, by which the inelastic demand could be switched to a cheaper brand, so say you want beans for your bread, you opt for the half price 10p special rather than your usual choice of heinz's best recipe.
Hope this helps!
Wiki User
∙ 14y ago
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Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
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Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
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The difference between a elastic and inelastic demand?
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What are the different types of demands?
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