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Economics

Price Elasticity of Demand in Real Markets

Quick fact

Salt is one of the most inelastic goods: even if its price doubles, consumers still buy almost the same amount. Conversely, demand for luxury vacations is highly elastic—small price hikes can lead to large drops in bookings.

Why this is interesting

Why does a 10% increase in the price of gasoline barely change how much you drive, but a 10% increase in the price of a certain brand of cereal might make you switch brands instantly? The answer lies in price elasticity of demand.

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Price Elasticity of Demand in Real Markets

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