Not surprisingly, this concept is of great interest to marketing professionals. It could even be said that their purpose is to create inelastic demand for the products they market. They achieve that by identifying a meaningful difference in their products from any others that are available.1[email protected]
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If the quantity demanded of a product changes greatly in response to changes in its price, it is termed "elastic." That is, the demand point for the product is stretched far from its prior point. If the quantity purchased shows a small change after a change in its price, it is termed "inelastic." The quantity didn't stretch much from its prior point.
For example, in a world in which people like coffee and tea equally, if the price of coffee goes up, people will have no problem switching to tea, and the demand for coffee will fall. This is because coffee and tea are considered good substitutes to each other.
Say you are considering buying a new washing machine, but the current one still works. It's just old and outdated. If the price of a new washing machine goes up, you're likely to forgo that immediate purchase and wait until prices go down or the current machine breaks down.
But the less discretionary a product is, the less its quantity demanded will fall. Inelastic examples include luxury items that people buy for their brand names. Addictive products are quite inelastic, as are required add-on products like ink-jet printer cartridges.
One thing all of these products have in common is that they lack good substitutes. If you really want an Apple iPad, another tablet brand won't do. Addicts are not dissuaded by higher prices. And only HP ink will work in HP printers.
Clarity in time sensitivity is vital to understanding the price elasticity of demand and for comparing it across different products. Consumers may accept a seasonal price fluctuation rather than change their habits.
As a rule of thumb, if the quantity of a product demanded or purchased changes more than the price changes, the product is termed elastic. (For example, the price changes by +5%, but the demand falls by -10%).
To calculate the elasticity of demand, consider this example: Suppose that the price of apples falls by 6% from $1.99 a bushel to $1.87 a bushel. In response, grocery shoppers increase their apple purchases by 20%. The elasticity of apples therefore is: 0.20/0.06 = 3.33, The demand for apples is quite elastic.
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