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The demand for membership at bond’s gym can be considered (Elastic). Monthly membership at bond’s gym can be considered a (Want).

A. Elastic and Need
B. Inelastic and Need
C. Elastic and Want
D. Inelastic and Want

User Horejsek
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Final answer:

The monthly membership at Bond's Gym has an elastic demand and is considered a want, not a need, so the correct answer is C. Elastic and Want.

Step-by-step explanation:

The student's question revolves around the price elasticity of demand for a gym membership and whether it is a want or a need. Price elasticity measures how much the quantity demanded of a good responds to a change in price. Elastic demand indicates a high responsiveness, meaning the quantity demanded changes significantly with a change in price. Conversely, inelastic demand shows low responsiveness to price changes. When a product is considered a necessity by the consumer, it typically has an inelastic demand. However, in this case, the monthly membership at Bond’s Gym is described as an elastic demand and a want, which aligns with the characteristics of a good that is seen as non-essential. Therefore, the correct answer to the student's question is C. Elastic and Want.

User Taro
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