myronf510
Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Our platform offers a seamless experience for finding reliable answers from a network of experienced professionals. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

3. What is the difference between elastic and inelastic demand? Use your own
perspective and experience as a consumer to give an example of each, being sure to
clearly explain why you consider your demand for these goods to be elastic or
inelastic. (4 points)

Sagot :

dubeyshailja64

The elasticity of demand is when a change in the price will affect the demand for the goods.

What is the demand?

Demand refers to a consumer's desire to buy products and services, as well as their ability to pay a price for them. When the demands for any goods rise, then the price of the goods will also increase.

In elastic demand, the shift in the demand curve as a result of a price change is large whereas the change in quantity demanded as a result of a price change is minor in an inelastic demand.

An example of inelastic demand will be Gasoline since individuals buy about the same amount even when prices go up. Cereals or durables consumed are referred to as an example of elastic demand so these can be postponed if the prices are high.

Learn more about Demand, here:

https://brainly.com/question/14456267

#SPJ1

Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.