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.
|
LESS ELASTIC DEMAND MORE ELASTIC DEMAND
