elastic demand is the demand for a given unit of a substance (gasoline, electricity, etc.) based on its price. In a simple way, elastic demand is the amount of gas you have to drive to the station.
Elastic demand is also the amount of petroleum you have to buy when a car runs out of gas.
A more complicated example is the concept of elasticity of supply and demand. The elasticity of supply is the amount of gas you have to drive to the station. The elasticity of supply is also the amount of petroleum you have to buy when a car runs out of gas. Now, if you’re driving a car that has a low elasticity of supply, you’ll have a constant amount of gas to drive to the station.
The elasticity of supply is defined as the amount of gas you have to drive to the station. The elasticity of supply is also the amount of petroleum you have to buy when a car runs out of gas.
Most people think that elasticity of supply is the same as elasticity of demand. But, that may not be true. In fact, in some places, elasticity of supply might be significantly less than elasticity of demand.
In the case of units of measure, elasticity of demand is the same as elasticity of supply. But elasticity of supply can be different from elasticity of demand. For instance elasticity of supply might be significantly less than elasticity of demand. In that case, demand will outstrip supply in spite of the price of the product being far down the elasticity of supply curve. An example of this would be the case of an elasticity of supply of 1.
This is more of a generalization and explanation of the concept, but elasticity of demand is the same as elasticity of supply. It just says that supply in a market will outstrip demand, and in a perfectly elastic market, demand will outstrip supply.
Another example of this is how a company will make a lot of money selling a product that is much more expensive than the product it sells, but they will make a lot less money selling the same product at a lower price. In that case, although it is cheaper to sell a product, the company will have a lower product price.
Unit elastic demand is particularly important when a company sells lots of one product and few other products, where the company will have a low unit elasticity of demand. For example, if you are a business that sells a certain type of item, you will have a high unit elasticity of demand for that product. If you sell a different type of item, you will have a low unit elasticity of demand for that product.
