Question
Please explain to me why the first categorized items A are elastic and the second categorized items B are inelastic (not elastic). A. The following
Please explain to me why the first categorized items A are elastic and the second categorized items B are inelastic (not elastic).
A. The following are five examples of items that are elastic:
1. Objects of opulence
2. Substitute goods
3. Products that have near alternatives
4. Products for which there are a number of comparable alternatives
5. Products having a demand that is not elastic
B. The following are some instances of things that are not elastic:
1. Critical Elements
2. Products have a demand that is not elastic
3. Products for which there are few alternatives
4. Products for which there are no suitable alternatives
5. Veblen products
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