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By "elastic products" I am assuming you mean that the demand for these products is relatively elastic. This means that if the price of the product were to decrease, there would be a relatively large increase in the quantities demanded and if the price were to increase, there would be a relatively large decrease in quantities demanded. Products that tend to be elastic are products that have a large number number of substitutes, products that tend to be luxuries (people can do without them), and products that take up a relatively large portion of houshold income (like washing machines, refidgerators, etc.). The demand curves for these products tend to be relatively flat. That is a general definition of products that are "relatively elastic". Things that are "relatively inelastic" are ones that can change their prices, but people will still tend to buy the same amount of the product. These tend to be things that are not luxuries, but needs or addictions (like essential medicines or addictive substances) or things that don't take up much of a person's income (like pencils or salt). The demand curve for these products tend to be relatively steep. These are general ideas. To confuse things, however, most products have a price range where the demand is elastic and a price range where the demand is inelastic. The mathematical formula has you find the percentage change in price compared to the percentage change in quantity demanded. If the % change in price is greater than the % change in quantity demanded, then the demand for the product is inelastic in that price range. If the % change in price is less than the % change in quantity demanded, then the demand for the product is elastic in that price range.
What else can I help you with?
What are unitary elastic products?
unitary elastic products are those with a supply and demand slope=1.
What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?
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.
What is the mathematical definition of perfectly elastic demand?
If ep = dQ/dP.P/Q = infinity, the demand is perfectly elastic.
What factors influence the pricing strategy for products with elastic demand?
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.
What is the definition of perfectly elastic supply?
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
What are unitary elastic products?
unitary elastic products are those with a supply and demand slope=1.
Definition for elastic vibration?
The definition of elastic vibration was found in the website at the bottom. Elastic vibration is oscillating movement of a solid object in which a large majority of the energy is retained though elastic forces and with inertia of the object.www.answers.com/topic/elastic-vibration
What is the ranking of the following products in order of elasticity of demand, from the least elastic to the most elastic?
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.
Does a spring which is not in its elastic region obey Hookes law?
No, by definition Hooke's law relates to linear elastic only; when outside the elastic region it does not apply.
Does elastic contain latex?
Yes, elastic can contain latex. Latex is a common material used in elastic bands and other elastic products due to its stretchiness and durability.
What is the mathematical definition of perfectly elastic demand?
If ep = dQ/dP.P/Q = infinity, the demand is perfectly elastic.
What factors influence the pricing strategy for products with elastic demand?
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.
What is a simple definition of elastic?
Elastic refers to the property of a material to return to its original shape after being stretched or compressed.
In general products that are consumed in fixed amounts have?
elastic demand
Which products supply could be elastic in the short run?
Handrugs
What is the definition of perfectly elastic supply?
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
Things made from elastic?
Clothing items like waistbands and leggings, hair ties, elastic bands, and elastic straps used in various products like bags and masks are examples of items made from elastic.
