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Demand for mobile phone is likely to be price elastic or price inelastic?
Wiki User
∙ 13y ago
As a whole, the mobile phone market is pretty elastic - it's not a necessity and there are already a lot of phones out there, so if prices were to go up fewer people would buy new phones and fewer people would upgrade their existing phones (the very definition of elastic).
On the other hand, for certain professions mobile phones are very necessary. On-call doctors, many upper-level businesspeople, anybody who *must* be reachable as a part of their work, they all will exhibit inelastic buying behavior. Whether the phone cost $100 or $1000, if they have to have it to do their job, they'll spend the money so they can continue to work.
Wiki User
∙ 13y ago
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