Question

At least 5 examples of both elastic and inelastic goods.​

Answer 1

Answer:

5 example of elastic are rubber ,ballon ,nylon ,and so on

Answer 2

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Examples of elastic goods are:

• Soft Drinks. Soft drinks are not a necessity, so a big increase in price would cause people to stop buying or look for other brands.
• Cereal. Like soft drinks, cereal is not a necessity and there are many different choices.
• Clothing
• Electronics
• Cars

Examples of inelastic goods are:

• Petrol – those with cars will need to buy petrol to get to work.
• Cigarettes – People who smoke become addicted so willing to pay a higher price.
• Salt – no close substitutes
• Chocolate – no close substitutes
• Goods where firms have monopoly power

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