Another good like gasoline that could become more elastic over time is electricity. Elecricity is another good that many people consume for every day use in their life, however, as rates go up elecricity bills become increasingly larger. Elasticity of demand is the reponsiveness to a good or service when nothing but the price changes. If the rates go up but income goes down, the demand for elecricity may be hurt demand because everyone can not afford it. They may be extra caucious with their electricity uses whereas if income is at a high, people will be more free with their elecricity usage in their home.
