What types of products typically have inelastic demand

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Reference no: EM132090620

If you select this question, provide a thoughtful 250+ word response to all of the questions below (250 words total, not for each section). Also, remember to comment on some of these in order to meet the participation requirement for the week. Finally, please separate your answers by the parts of the question. It makes it easier to see your specific response to each part.

DQ2 – Price Elasticity

In your own words explain price elasticity. Focus on explaining the difference between products that have elastic demand and those that have inelastic demand.

What types of products typically have inelastic demand? Why?

What types of products typically have elastic demand? Why?

For the following products indicate if your demand for the product is elastic or inelastic and why.

Having a car

Home cable service (all service providers have doubled their prices – elastic or inelastic?)

Home internet service (all service providers have doubled their prices – elastic or inelastic?)

Cell phone service (all service providers have doubled their prices – elastic or inelastic?)

Reference no: EM132090620

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