Question

Why is the demand for airplane ticket inelastic for last minute ticket purchase?

Answer 1

Elasticity of demand = %change in quantity demanded / %change in price

If %change in quantity demanded < %change in price, demand is inelastic.

Consumers those are purchaing tickets at last minute, they must have some emergnecy otherwise they can take the next flight. Due to Emergency purposes, they are willing to pay twice or thrice the price of standard ticket which makes its demand inelastic.

Note: As long as a good is luxury, its demand is elastic, once it become necessary good its demand is inelastic.