Elasticity

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14 Terms

1
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Substitutes exist and are avaliable

Elastic

2
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The item is a necessity

inelastic

3
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Consumers have little time to adjust to change in price

inelastic

4
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The item is a luxury

Elastic

5
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Substuites are hard to find or doesn’t exist

Inelastic

6
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COnsumers have a lot of time to adjust to a change in price

Elastic

7
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The item represents a large portion of ones income

Elastic

8
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The item is a small portion of someones income

Inelastic

9
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Insulin

Ineslastic

10
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Why is insulin inelastic

The item is a necessity, and no substuites

11
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Gas

Inlastic

12
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Why is gas inelastic

a neccesity, no substuites, and a small portions to ones budget

13
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Diamond Ring

Elastic

14
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Why is a diamond ring elastic

A luxury and represents a large portion of a persons income