Question

Critical thinking think of a good, like gasoline, for which demand can become more elastic over time. what changes can take place in the long term to affect demand?

Answer 1

Another good like gasoline that could become more elastic over time is electricity. Elecricity is another good that many people consume for every day use in their life, however, as rates go up elecricity bills become increasingly larger. Elasticity of demand is the reponsiveness to a good or service when nothing but the price changes. If the rates go up but income goes down, the demand for elecricity may be hurt demand because everyone can not afford it. They may be extra caucious with their electricity uses whereas if income is at a high, people will be more free with their elecricity usage in their home.

Answer 2

Many argue that gas has become more inelastic. But steel could be one. *New inventions (replacements, things it goes well with, things it is used to make - if it's steel or the like) *More income.  I hope my answer has come to your help. God bless and have a nice day ahead!