What is elasticity of demand?

How much demand of a product goes up or down depending on the price Elastic demand changes greatly as price changes - for normal goods, as the price goes up, demand drops. Demand for things like non-staple food - like cookies - is elastic. If cookies cost 50 cents a box, there might be huge demand for them.

But if that price goes to $10 a box, if the price were elastic, the demand would be much lower For an inelastic demand curve, people's demand changes little as prices change. THese are goods for which there are few substitutes. Things like gasoline have relatively inelastic demand curves - people will slow down their use/demand of gasoline a bit as prices go up, but a certain level of gasoline consumption is going to exist regardless of price.

People are simply going to pay what they have to to get it.

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