anonymous
  • anonymous
hi,i need a more insight on elasticity and inelasticity of demand....thanks
OCW Scholar - Principles of Microeconomics
chestercat
  • chestercat
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anonymous
  • anonymous
Elasticity and Inelasticity of demand reflect how changing conditions (supply, price) affect the demand of a good. A good example of an inelastic good is one like water. People need water or they will die. It's that simple. Because of that, the demand for water will be fairly steady regardless of supply or price. An example of an elastic good is computer. As the price of a computer goes up or down, the demand curve for computers changes to suit the desire of the people wanting to purchase.
anonymous
  • anonymous
Thanks alot Jarrodbagwell...its well understood...am deeply grateful to you...God bless you!

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