in your own words explain price elasticity. focus on explaining the difference between products that have elastic demand and those that have inelastic demand. what types of products typically have inelastic demand? why? what types of products typically have elastic demand? why? for the following products, indicate if your demand for the product is elastic or inelastic and why. gasoline (all prices have increased 50% - elastic or inelastic?) streaming services like nextflix and hulu (imagine that all service providers have doubled their prices – elastic or inelastic?) college courses (all schools have doubled their prices – elastic or inelastic?) allergy medicine (all products in this category have tripled their prices – elastic or inelastic?)

If the price elasticity of a good is infinite, it is perfectly elastic (if demand changes substantially even with minimal price change). If the price elasticity is greater than one, the good is elastic; if it is less than one, the good is inelastic. A good is perfectly inelastic if its price elasticity is 0 (no amount of price change causes a change in demand). Unitary elasticity exists when price elasticity is exactly one (a price change causes an equal percentage change in demand). The presence of a substitute for a product influences its flexibility. If there are no good substitutes and the product is required, demand will remain constant even if the price rises, making it inelastic.

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