Question

Describe a product you know of that has elastic demand. Why is the demand for this product elastic?

Answer 1

Dimond has elastic demand. Demand for this product is elastic because it is a luxury item. Since this item is not a necessity, as the price rises, the quantity demanded for the item falls drastically since it is not needed for survival.

Step-by-step explanation:

Answer 2

jewelry, if there is a change in price then there will be in quantity and still in market