Elastic Price Elasticity Score
(Redirected from Elastic Product Demand)
- the price elasticity of bread
- Elastic Wage Labor Elasticity.
- See: Positive Price Elasticity, Price Elasticity Curve.
- By way of contrast, an elastic good or service is one for which a 1% price change causes more than a 1% change in the quantity demanded or supplied. Most goods and services are elastic because they are not unique, but have substitutes. If the price of a plane ticket increases, fewer people will fly and more people will stay home or drive. A good would need to have numerous substitutes to experience perfectly elastic demand.