What are the different kinds of elasticity in demand?

Economics
Tutor: None Selected Time limit: 1 Day

Please provide the different kinds of elasticities and some examples. 

Jan 25th, 2015

The different kinds are inelastic and elastic. Inelastic is when change of pricing doesn't effect the demand of a product such as medications, people will still buy it. Elastic is when pricing of a product effects the demand of the product such as meat. People will buy less because meat isn't a necessity and there are alternatives. 

Jan 25th, 2015

Are you studying on the go? Check out our FREE app and post questions on the fly!
Download on the
App Store
...
Jan 25th, 2015
...
Jan 25th, 2015
Dec 3rd, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer