What products or services do you expect to be price elastic, price inelastic, or too close to call in the short run?© BrainMass Inc. brainmass.com June 3, 2020, 6:36 pm ad1c9bdddf
Demand is said to be elastic if the quantity demanded responds substantially to changes in the price of the good. Conversely, demand is said to be inelastic if the quantity demanded changes only slightly when the price of the good changes. Chocolate chip ice cream would tend to have a very elastic demand in my opinion ...
Demand is evaluated.The expert examines price elastics/inelastic in the short run.