In general, essential items are price inelastic, and luxury products are price elastic. Importance of Price Elasticity Whether the demand for a product is price elastic or inelastic is important ...

The elasticity of demand refers to the change in demand when there is a change in another economic factor, such as price or income. Demand is considered inelastic if the demand for a good or ...

Inelastic demand is a term used to describe the unchanging quantity of a good or service when its price changes.

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...