make a list of products for which u think demand is price inelastic and price elastic . specify the reasons u may think is relevant for your analysis
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The products whose demand remains unchanged with the rate of change in price are known as inelastic goods.
The products whose demand changes with the rate of change in price are known as elastic goods.
List of Inelastic goods:
(i) Wheat.
(ii) Gram.
(iii) Water.
(iv) Clothing.
(v) Housing.
The demand of these goods remains unchanged despite change in price, because these products are a necessity for the living of a person.
List of Elastic Goods:
(i) Car.
(ii) Air Conditioning.
(iii) International trips.
(iv) Beauty Products.
The demand of these good may change with the rate of change of the price because these goods are not a necessity and life without these is possible.
The products whose demand changes with the rate of change in price are known as elastic goods.
List of Inelastic goods:
(i) Wheat.
(ii) Gram.
(iii) Water.
(iv) Clothing.
(v) Housing.
The demand of these goods remains unchanged despite change in price, because these products are a necessity for the living of a person.
List of Elastic Goods:
(i) Car.
(ii) Air Conditioning.
(iii) International trips.
(iv) Beauty Products.
The demand of these good may change with the rate of change of the price because these goods are not a necessity and life without these is possible.
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