Electricity(variety of uses,you can cut down on some of its uses if the price increases).
Refrigerators(possibility of postponing consumption)
Coffee(existence of substitutes)
stuff you dont really need that is quick, easy and cheap
I think you mean, "elastic good," which is a product or service for which demand is highly responsive to price - "stuff you don't really need" or stuff for which there is a readily available substitute (e.g., if the price of Coca-Cola is too high, you could buy Pepsi). An "inelastic good" is one for which demand is not very responsive to price - gasoline, for example, you have to buy virtually the same amount regardless of its price.
As you know, elastic supply happens when a producer is willing to supply an unlimited quantity at a given price or higher, but none at a lower price.
Perfectly elastic supply doesn't happen often, but it's happened before in agriculture markets.
This is from a textbook
"A hypothetical example of perfectly elastic supply comes with a generic cheese sandwich, such as that sold by Manny Mustard and thousands of others. The production cost of combining labor, kitchen utensils, mayonnaise, cheese, and bread are one dollar per sandwich. This cost is the same for one sandwich or one billion Sandwiches. There is no increasing opportunity cost. There are no economies of scale.
As such, the supply of generic cheese sandwiches is perfectly elastic. If buyers pay a buck each, one dollar, they get as many generic cheese sandwiches as they want. If buyers should lower the price they offer for generic cheese sandwiches by an infinitesimally small amount, then sellers do not supply any generic cheese sandwiches. If buyers should raise the price they offer for generic cheese sandwiches by an infinitesimally small amount, then sellers supply an infinitely large amount. Of course, buyers have no reason to offer a lower price because they can buy all that they want at the existing price."
is soap elastic or inelastic supply
Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply
A firm making underwear will need a supply of elastic.
A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
is soap elastic or inelastic supply
Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply
A firm making underwear will need a supply of elastic.
A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.
The definition of perfectly elastic supply is a supply that can change along with the demand. This means if paper for example is not demanded in large quantities and then all of the sudden is there will be enough paper to supply the demand.
An elastic product is one that if the price goes up, people will stop buying it. Examples of elastic goods are vacations, DVD's and other material items.
unitary elastic products are those with a supply and demand slope=1.
coffee
Supply is inelastic and demand is elastic for land.
The world supply curve is considered perfectly elastic.
Rubber bands, bungee cords, and elastic waistbands in clothing are examples of elastic materials. These materials can deform under stress and return to their original shape once the stress is removed due to their elastic properties.
When supply and demand are perfectly elastic/inelastic