Question

hi,i need a more insight on elasticity and inelasticity of demand....thanks

Answer 1

Elasticity and Inelasticity of demand reflect how changing conditions (supply, price) affect the demand of a good. A good example of an inelastic good is one like water. People need water or they will die. It's that simple. Because of that, the demand for water will be fairly steady regardless of supply or price. An example of an elastic good is computer. As the price of a computer goes up or down, the demand curve for computers changes to suit the desire of the people wanting to purchase.

Answer 2

Thanks alot Jarrodbagwell...its well understood...am deeply grateful to you...God bless you!