An elastic product is one that if the price goes up, people will stop buying it. Examples of elastic goods are vacations, DVD's and other material items.
No good is perfectly elastic: if it were, any raise in price would cause exactly zero units of the good to be demanded, and any drop in price would cause infinite units of the good to be demanded, which is not possible. Some goods are very elastic, however, like goods with close substitutes (Pepsi and Coke are good examples).
1. Private Schools 2. Motor Car. 3. Motorcycle. 4. Petrol. 5. CNG
Rubber Band and spring is an examples of elasticity materials
Inelastic goods, such as gas or energy based products will always be in demand. This is owing to the fact that everyone utilizes the generally inexpensive goods. Elastic goods, on the other hand, are considered a luxury item/s, such as a Corvette or designer clothing.
An elastic product is one that if the price goes up, people will stop buying it. Examples of elastic goods are vacations, DVD's and other material items.
No good is perfectly elastic: if it were, any raise in price would cause exactly zero units of the good to be demanded, and any drop in price would cause infinite units of the good to be demanded, which is not possible. Some goods are very elastic, however, like goods with close substitutes (Pepsi and Coke are good examples).
very thin sheets of rubber are elastic
catapault elastic band hairband
1. Private Schools 2. Motor Car. 3. Motorcycle. 4. Petrol. 5. CNG
rubberbands
A trampoline and a jack in the box. I hope that helps :P
Rubber
Rubber Band and spring is an examples of elasticity materials
rubber,spandex,etc.
Rubber bands straps
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.