Elastic vs Inelastic

Gasoline

• Elastic

• Inelastic

Items, like new cars or technology like an iPhone, where a small change in price impacts demand are considered (elastic/inelastic) goods

• Elastic

• Inelastic

The measure of the responsiveness or sensitivity of consumers to a change in the price of a particular product

• Law of Supply

• Law of Demand

• Equilibrium

• Elasticity

There's no perfect substitute for coffee... so if the price of coffee goes up, I will still buy the coffee, making coffee ___

• inelastic

• elastic

• plastic

• plasmic

Match the following definitions to the correct term.

• Unit Elastic

• When a given change in price causes a proportional change in quantity demanded

• Elasticity

• Extent to which a change in price causes a change in quantity demanded, aka whether it is a big or small change

• Elastic

• General measure of responsiveness (cause and effect relationship)

• Inelastic

• When a given change in price causes a relatively larger change in quantity demanded

• Demand Elasticity

• When a given change in price causes a relatively smaller change in quantity demanded

Is the following example one for elastic or inelastic demand: Gasoline prices skyrocket.

• Elastic

• Inelastic

​ ​ ​ (a)   demand means that a change in price causes a large or big change in quantity. People are very influenced by changes in price.

• elastic

• Inelastic

• high

Is the following example one for elastic or inelastic demand: Green beans and other veggies impacted by the season.

• Elastic

• Inelastic

Which of the following is an example of an elastic good?

• Luxury car

• Salt

• Water

• Electricity

What does it mean if a product is inelastic?

• Demand changes significantly with price changes

• Demand remains constant regardless of price changes

• Supply changes significantly with price changes

• Supply remains constant regardless of price changes