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Elastic goods include luxury products and consumer discretionary items, such as a brand of candy bar or cereal. Food items are easily substituted, and brand-name products are easily replaced by items that are lower in price. Inelastic Demand Curve ...
Explain briefly why the price elasticity of demand for luxury items of goods and services, along with many substitutes of normal goods and services, tend to have price elasticity demand greater than one (Elastic) as compared to go...
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Luxury goods tend to be highly elastic, with anelasticity of demandgreater than 1. Luxuries, such as consumer electronics, jewelry, high-priced cars and fashionable clothes, tend not to have a linear relationship with income. Earning 5 percent more does not mean you'll buy 5 percent more jewe...