Question

Can you think of a product that is equally elastic as cigarettes? Another that is less...

Can you think of a product that is equally elastic as cigarettes?

Another that is less so?

Another that is more so?

Do you think cigarettes are more elastic or inelastic than iPhones? Why?

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Answer #1

Ans.

- Elasticity of demand is a proportion of how touchy amount demanded is to changes in different factors.

- If own-value elasticity of demand is more prominent than one in supreme terms, demand is flexible and a decrease in cost will bring about higher absolute use on that product.

- Other examples of the elastic goods are the Gasoline.  

- Product that will be less elastic will be Medicines / drugs because even if the price increase patients will have to take the medicines.

- We belive cigarettes are inelastic then iphones. Because many peole who are somokers will be addicted to cigarettes and even if the price increase the consumption may not go down significantly . Whereas that is not the case with Iphones.

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