Economics Elasticity Of Demand Questions Medium
Some examples of goods with elastic demand include luxury items such as high-end clothing, expensive cars, and luxury vacations. These goods are typically non-essential and have readily available substitutes. When the price of these goods increases, consumers are more likely to reduce their demand or switch to cheaper alternatives. Additionally, goods that have a wide range of substitutes, such as generic medications or generic food products, also tend to have elastic demand. In these cases, consumers can easily switch to similar products if the price of a specific brand increases.