514,141 views
17 votes
17 votes
Why are some goods inelastic and some goods elastic?

User Claudio Delgado
by
2.6k points

1 Answer

8 votes
8 votes

Answer:

A product is considered to be elastic if the quantity demand of the product changes more than proportionally when its price increases or decreases. Conversely, a product is considered to be inelastic if the quantity demand of the product changes very little when its price fluctuates.

User Nirit
by
2.8k points