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It depends a great deal on how widely you define the product. For example, the demand for "food" is completely inelastic, since there are no substitutes for "food". However, demand for apples will be far more elastic than the demand for food, since if the price of apples increases people can switch quite easily to a cheaper fruit.
It is difficult to generalise what items are elastic, since not all items within the same group have equal "value" - brand loyalty for example will decrease elasticity for certain items. This means that, if I were to say that demand for baked beans was elastic, you could point out that Heinz baked beans experience far lower levels of price elasticity than other brands of baked beans.
However, generally (very generally), unbranded/supermarket branded food items, when not defined too widely, will experience an elastic "price elasticity".
Contrary to many expectations, fuel actually does seem to be price elastic - at least, to a certain level. Even though there are very few good substitutes for petrol etc... consumption does decrease when prices are raised.
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What are unitary elastic products?
unitary elastic products are those with a supply and demand slope=1.
In general products that are consumed in fixed amounts have?
elastic demand
Which products supply could be elastic in the short run?
Handrugs
Examples of elastic products?
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.
What are the examples of products that are perfectly elastic?
Cotton textiles and kraft dinner.
What are unitary elastic products?
unitary elastic products are those with a supply and demand slope=1.
In general products that are consumed in fixed amounts have?
elastic demand
Which products supply could be elastic in the short run?
Handrugs
Things made from elastic?
Clothing items like waistbands and leggings, hair ties, elastic bands, and elastic straps used in various products like bags and masks are examples of items made from elastic.
Examples of elastic products?
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.
What are the examples of products that are perfectly elastic?
Cotton textiles and kraft dinner.
Is elastic made from oil?
Elastic is typically made from synthetic materials like rubber or spandex, which can be derived from petroleum products. So, indirectly, elastic can be linked to oil through its production process.
How Luxury goods are price elastic?
Luxury products are elastic, in comparison to necessity products which are inelastic. Luxury goods are elastic because for a change in price there is a more than proportionate change in quantity. e.g. If the price of a luxury good increases, less people will purchase the good because it is not necessary in their lives - they can do without it.
When would you want to own a business that sells elastic products?
When the economy snaps back.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Is elastic is made of oil?
Elastic is typically made from a synthetic rubber called polyurethane, not oil. However, oil-based products are used in the production of synthetic rubber, so technically there is some connection to oil in the manufacturing process of elastic.
When would you want to own a business that sells price elastic products?
You would want to own a company that offer price elastic products when there are no close substitutes. Although customers will respond to changes in price, they won't be able to substitute another product for yours.
