Can you please name atlest 6-7 goods for which price is elastic .inelastic and unit elastic?

Question

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Answer 1

Inelastic goods. Necessary goods such as water and basic food have inelastic demand since people will pay anything to survive.

Elastic goods. Luxury goods such as kaviar or fancy clothes have elastic demand, since peoples demand for these goods depend on the price rather than the practical value, thus making the demand very price sensitive (elastic).

Unit elastic. While it would be useful to discuss a few examples of unit elastic demand and supply, such is not really possible. This is not due to any moral, religious, or philosophical objection to doing so. It is because that, unlike other elasticity alternatives, there is nothing particularly notable about goods that are unit elastic. Rather than a distinctive category, unit elastic is primarily a dividing line, a boundary, between elastic and inelastic. If the coefficient of elasticity is greater than one, then a good is elastic. If the coefficient of elasticity is less than one, then a good is inelastic. If the coefficient just happens to be exactly equal to one, then it is unit elastic. There is nothing intrinsic about a good in terms of either production or consumption that give rise to unit elastic.

A number of factors determine the elasticity:

    * Substitutes: The more substitutes, the higher the elasticity, as people can easily switch from one good to another if a minor price change is made

    * Percentage of income: The higher the percentage that the product's price is of the consumers income, the higher the elasticity, as people will be careful with purchasing the good because of its cost

    * Necessity: The more necessary a good is, the lower the elasticity, as people will buy it no matter the price, such as insulin

    * Time: The longer a price change holds, the higher the elasticity, as more and more people will stop demanding the good (i.e. if you go to the supermarket and find that blueberries have doubled in price, you'll buy it because you need it this time, but next time you won't, unless the price drops back down again)

    * Breadth of definition: The broader the definition, the lower the elasticity. For example, Company X's fried dumplings will have a relatively high elasticity, where as food in general will have an extremely low elasticity