LESS ELASTIC DEMAND MORE ELASTIC DEMAND

15.     less elastic demand
more elastic demand
1.      Meaning
The proportionate change in quantity demanded of a commodity is less in response to change in its price.

2.      Examples
Demand for products like liquor, cigarettes, etc is less elastic.

The proportionate change in quantity demanded of a commodity is more in response to change in its price.



Demand for luxury and consumer durables like cars, refrigerators, etc, is more elastic.