Let me rephrase the question: Why is demand for jewelry elastic? Or why is price sensitivity high for jewelry?
Firstly, the consumer has a low/nil income. The lower the income, the higher the probability that he/she has high price sensitivity. E.g. if a student is buying jewelry, he/she'll probably go right for the cheaper range of jewelry and not the branded jewelry. On the other hand, if the consumer is rich, he/she won't care so much about the price of the jewelry.
Secondly, the jewelry item has many close substitutes for it. If there are many close (and cheaper) substitutes, the consumer has more choice. So it is likelier that he/she might choose the cheaper substitutes if he/she thinks that one item is priced out of the market.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
Demand is unit elastic.
elastic
difference between elastic and inelastic demand
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Highly elastic.
A perfectly elastic demand is represented on the traditional supply and demand graph with a straight horizontal line. An elastic demand that is not perfect would be represented as any line with a slope between 0 and -1.
When Demand is perfectly elastic, Marginal Revenue is identical with price.
If ep = dQ/dP.P/Q = infinity, the demand is perfectly elastic.
Elastic demand means something increases or decreases as the price of an item goes down or up.