Question

If a good can be used for many purposes the demand for it will be elastic why

Answer 1

If a good can be used for many purposes, the demand for it will be more elastic because with a decrease in its price, it can be put to several uses and with a rise in its price, it is withdrawn from its many existing uses.

So that, there is a considerable change in demand in response to some changes in price, e.g. milk.

Answer 2

Answer:

the above answer could be verified