Provide at least 20 examples of elastic and inelastic goods.

non-elastic: paper,pencil,electronic gadgets,pen,bottles,lunch box,wood,spectacles,glass. elastic: balloon, rubber band,iron,aluminium,..most metals with large conductivity.(on the basis of elasticity).

Answered by Riyo13 | 2024-06-10

This answer provides examples of elastic and inelastic goods to illustrate economic concepts.
Elastic Goods:

Fast Food
Clothing
Electronics
Vacations
Gym Memberships

Inelastic Goods:

Gasoline
Medicine
Toilet Paper
Electricity
Water

Answered by PratikshaS | 2024-06-24

Elastic goods are items that people can live without and will decrease in demand when prices rise, while inelastic goods are necessities that people will continue to buy even when prices increase. Examples of elastic goods include luxury items and entertainment, whereas inelastic goods include essential items like gasoline and food. Recognizing these classifications aids in understanding consumer purchasing behavior in relation to price changes.
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Answered by Riyo13 | 2024-12-22