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12 March, 13:15

Determine which types of cutomers are likely to have a more elastic demand and which types of customers are likely to have a more inelastic demand. Make sure to place token in a bin.

More Elastic More Inelastic

a. Customers who are good at shopping around

b. Customers who know what they like and just buy it

c. Customers who walk up to a rental car desk right off of the plane

d. Customers who reserve a car online weeks before a trip

e. Customers who must have the latest fashion

f. Customers who can wait to buy fashionable items

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  1. 12 March, 15:34
    0
    Elastic demands are,

    1. Customers who know what they like and just buy it.

    2. Customers home Reserve a car online weeks before a trip.

    3. Customers who can wait to buy fashionable items.

    Inelastic demands are,

    1. Customers who are good at shopping around.

    2. Customers who walk up to a rental car desk right off of the plane.

    3. Customers who must have the latest fashionable items.

    Explanation:

    Elastic demands are demands noticed when a manufacturer decreases the selling price of a particular product by x%, the number of units demanded/sold will increase accordingly. For example, if the price of a hot selling mobile phone will drop by 10%, its demand will dramatically be increased by more than 50%. Elastic demand is when the customer will wait to buy a good till their price reaches to their own preferences.

    Inelastic demands are demands noticed when the demand for a particular product won't change much if the price is increased or decreased. For example, if the tariffs of prepaid and postpaid mobile phone users are increased by 1%, number of subscribers won't decrease but remain almost the same. Inelastic demand is when the customer would buy the goods irrespective of the price.
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