…”The degree to which demand or supply reacts to a change in price is called elasticity. Elasticity varies from product to product because some products may be more essential to the consumer than others.”…
…”The degree to which demand or supply reacts to a change in price
is called elasticity. Elasticity varies from product to product because some products may be more essential to the consumer than others.”…
Agreed, but one could argue that a product can command a price premium without an appreciable drop in demand. The argument relies on the principles of differentiation, which may be based on the perception of unique quality or sometimes reality. What do you think?
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