Question

Why is the demand for luxuries generally more elastic than the demand for necessities?

Answer 1

Answer:

High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price. Compared to essential goods, luxury items are highlyelastic.

Answer 2

Answer:

hope it helps u

Explanation:

High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price. Compared to essential goods, luxury items are highly elastic.