animelover730 animelover730

31-01-2018
Business

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Describe a product you know of that has elastic demand. Why is the demand for this product elastic?

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Luc1fer Luc1fer

31-01-2018

jewelry, if there is a change in price then there will be in quantity and still in market

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dhanyaj dhanyaj

02-06-2021

Answer:

Dimond has elastic demand. Demand for this product is elastic because it is a luxury item. Since this item is not a necessity, as the price rises, the quantity demanded for the item falls drastically since it is not needed for survival.

Explanation:

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