SEARCH
You are in browse mode. You must login to use MEMORY

   Log in to start


From course:

Economics A Level

» Start this Course
(Practice similar questions for free)
Question:

How can the Type of Good/Service be an Influence to Price Elasticity of Demand

Author: go kys



Answer:

-For Essential Goods, it is Price Inelastic. Consumers will still need to Buy even if Price goes Up. Non-Essential Goods is the Opposite [Elastic] -Goods that are Habit-Forming [Tabaco, Alcohol] are Demand Price Inelastic -Goods that can not be Postponed are Demand Price Inelastic -Goods with Several Uses, like Water, are Price Inelastic.


0 / 5  (0 ratings)

1 answer(s) in total

Author

go kys
go kys