Elasticity
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14 Terms
Substitutes exist and are avaliable
Elastic
The item is a necessity
inelastic
Consumers have little time to adjust to change in price
inelastic
The item is a luxury
Elastic
Substuites are hard to find or doesn’t exist
Inelastic
COnsumers have a lot of time to adjust to a change in price
Elastic
The item represents a large portion of ones income
Elastic
The item is a small portion of someones income
Inelastic
Insulin
Ineslastic
Why is insulin inelastic
The item is a necessity, and no substuites
Gas
Inlastic
Why is gas inelastic
a neccesity, no substuites, and a small portions to ones budget
Diamond Ring
Elastic
Why is a diamond ring elastic
A luxury and represents a large portion of a persons income
Note 
Flashcards (25)