Which items are elastic and which are inelastic?

Question

Coffee
Electronic car
Candy
Pizza
T-shirt

Ask yourself how much more of your items you would be willing to buy if the price decreased by 1%. If the answer is more than 1%, your demand is elastic; if the answer is less than 1%, your demand is inelastic.

If anyone knows how to explain their answers please do. Thanks.

Answer 1

Since we hardly notice a 1% change it would be clearer if you ask your self how much more/less you would buy if the price was half/double what it is to day. My answerer would be
coffee-nearly the same amount-inelastic
electric car- I would switch from a gas one if the price halved-elastic
candy- I would not change the amount I bought but children would- elastic
Pizza- I buy for a cheep meal - elastic
T shirts- buy mostly because the are the cheapest tops-elastic

Answer 2

Is there any products you need to look at in the relation to elasticity? Elastic goods are price sensitive. If the price changes by 1, then the change in quantity will be great than 1. It is price sensitive. Inelastic goods have a quantity change less than 1 when price changes by 1. It is not price sensitive. Here are some examples: Cigarettes. They have a very inelastic demand curve. So on a graph it will be very steep. An increase in price has very little affect on the quantity. This is because cigarettes have an addictive nature, and have few substitutes. People can not switch to another product easily or at least not quickly in the short term. Now look at foreign travel. A countries demand from tourists is elastic. So the demand curve will be very flat. If price increases the quantity in visitors will be proportionality larger than the increase. This is because they could choose from many other countries to visit, there are many substitutes. The same with restaurants, there are many choices so is one increase in price consumers go elsewhere. This change in choise does not take much time. Hope that helps, message me if you have more questions or I haven't been clear. If you are doing this as a course make sure you have a good text book!

Answer 3

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RE:
Which items are elastic and which are inelastic?
Coffee
Electronic car
Candy
Pizza
T-shirt

Ask yourself how much more of your items you would be willing to buy if the price decreased by 1%. If the answer is more than 1%, your demand is elastic; if the answer is less than 1%, your demand is inelastic.

If anyone knows how to explain...

Answer 4

Coffee: inelastic
Electronic car: elastic
Candy: depends, could be both. But I'm going to say it's inelastic because I'm not a huge fan of candy.
Pizza: inelastic
T-shirt: inealstic