Topic: Elastic Products
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Answers to Common Questions
What is the definition of Elastic products?
By "elastic products" I am assuming you mean that the demand for these products is relatively elastic. This means that if the price of the product were to decrease, there would be a relatively large increase in the quantities demanded and i... Read More »
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What products are elastic?
It depends a great deal on how widely you define the product. For example, the demand for "food" is completely inelastic, since there are no substitutes for "food". However, demand for apples will be far more elastic than the demand for foo... Read More »
Source: http://wiki.answers.com/Q/What_products_are_elastic
Why soda is a elastic product?
A good or service is considered to be highly elastic if a slight change in price leads to a sharp change in the quantity demanded or supplied. Usually these kinds of products are readily available in the market and a person may not necessar... Read More »
Source: http://wiki.answers.com/Q/Why_soda_is_a_elastic_product
More Common Questions
Answers to Other Common Questions
Elastic demand is a measure of the change in the demand for a product as a result of price changes for that product.
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As you know, elastic supply happens when a producer is willing to supply an unlimited quantity at a given price or higher, but none at a lower price. Perfectly elastic supply doesn't happen often, but it's happened before in agriculture mar...
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Source: http://wiki.answers.com/Q/What_are_some_examples_of_perfectly_ela...
some examples of elastic and inelastic supply are: elastic: Gasoline is a really good example. When gasoline prices dip, everyone drives in to fill up their tank. In this case, when price drops slightly, quantity purchased jumps drastically...
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Source: http://wiki.answers.com/Q/What_products_have_elastic_supply
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pea...
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Source: http://wiki.answers.com/Q/When_a_product_is_known_to_have_an_'ela...
The formula for the Price Elasticity of Demand (PEoD) is: PEoD = (% Change in Quantity Demanded)/(% Change in Price).
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Elastic prodcuts: gum, soda, luxury goods; Inelastic products: gas, food, shelter
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One elastic product would be a rubber band.
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