What are Russia's major elastic and inelastic imports and exports?

Answer 1

Russia's major exports include oil, natural gas, and minerals, which are generally considered inelastic due to their essential nature and limited substitutes. On the other hand, agricultural products and certain manufactured goods, like machinery, tend to exhibit more elasticity in demand. Major imports include machinery, vehicles, and consumer goods, which can be more elastic as they often have substitutes available. Overall, Russia's trade dynamics are heavily influenced by its natural resource exports and the demand elasticity of imported goods.