Would wanting to buy a new phone be an elastic demand or inelastic demand? Explain. PLEASE HELP :(
Economics - Financial Markets
Stacey Warren - Expert brainly.com
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Price elasticity of demand is a numerical measure of the responsiveness of demand for a product following a change in the price of that product.
If demand is elastic, then a small change in price will result in a relatively large change in quantity demanded.
On the other hand, it there is a large change in price and a far lesser change in quantity demanded, then demand is price inelastic.
If someone is wanting (or demanding) to buy a new phone, depending on the money he has, how expensive the product *phone* is, the type of phone he would like, the substitutability of that phone and the time in which he wants that phone could all change the elasticity of the phone... So it could be either inelastic or elastic depending on these factors.
it depends if u r having the purchasing power n u r willing to buy phone than it comes in elastic n u need phone no matter wht price u will arrange the amount for buying phone that that is inelastic .