When talking about elastic supply in class, we used a rubber band as an example to describe it because of its ability to get back into it's original form. It has 'elasticity'
A demand curve
Two adjectives that can describe a petition are "formal" and "written." A petition is typically a formal request or document that is written to express a specific demand or desire. These adjectives highlight the structured and official nature of a petition.
is there a demand for interior designers in wolverhampton
Demand More
Low. Low Demand + High Competition + Low Salary = Do something else in life.
unitary elastic products are those with a supply and demand slope=1.
The ranking of the products in order of elasticity of demand, from the least elastic to the most elastic, is as follows: necessity goods, luxury goods, and then substitute goods.
elastic demand
Unitary elastic is a demand whose elasticity is exactly equal to 1.
Factors that influence the pricing strategy for products with elastic demand include the availability of substitute products, consumer income levels, and the overall market competition.
narcotics, food, gas
demand that is very sensitive to a change in price ~novanet~ *deyanira :)*
Examples of products with elastic demand include luxury goods, such as designer clothing and high-end electronics. These products have elastic demand because consumers can easily substitute them with cheaper alternatives if their prices increase. As a result, their prices fluctuate significantly in response to changes in consumer demand because even small shifts in demand can lead to large changes in price to maintain sales levels.
These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk
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.
product whose demand is elastic are jewells(gold,silver,platinum,dimond,etc) fuel(petrol,disel,kerosene,etc) sugar detergents soaps(washing and bathing) products whose demand is inelastic are salt fruits food and vegetables