Question

inelastic goods are likely to be ?

Answer 1

Elastic Good- With a little change in Price, if Quantity demanded changes a lot, it is called Elastic Good

Inelastic Good- With a large change in Price, if Quantity demanded changes a little, it is called Inelastic Good

Elastic Goods can be substituted. They are not very essential ones and examples include motor vehicles, furniture etc which can be substituted and with any change in the price of one brand, demand falls as it is not an essential good.

Inelastic goods are tough to substitute and even if price increases, demand cannot fall drastically as these goods come under the essential category

Example include Food, Clothing, Gasoline and Drinks

Inelastic Goods are likely to be bought infrequently and likely to be having no substitutes