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The difference between a elastic and inelastic demand?

Jeffrey Rodriguez

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Theresa Perry on July 11, 2020

Elastic demand changes according to some other factor. The demand for holdiay trees is elastic throughout the year because it's not only damand during the winter season. Inelastic demand is constant. As you may have guessed, the demand for gasoline is inelastic because the majority of families need a constant supply. Even during the so called summer driving season, the increase in demand is going to remain the same, unless prices cause what is called "demand destruction." This is what happened during the year 2009.

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