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Sign up to view the full version. This is the end of the preview. Sign up to access the rest of the document. Unformatted text preview: Challenges 1. Lets apply the economics of taxation to romantic relationships. (a).What does it mean to have an inelastic demand for your boyfriend or girlfriend? How about an elastic demand? GHOST ANSWER: 6 An inelastic demand means you cant live without him or her. An elastic demand means that there are good substitutes for the current boyfriend or girlfriend. (b).Sometimes relationships have taxes. Suppose that you and your boyfriend or girlfriend live one hour apart.
Definition: Elastic demand is an economic concept that occurs when the quantity of a product responds intensively to a change in the price of the product. What Does Elastic Demand Mean? What is the definition of elastic demand? According to the law of demand, when the price of a product rises, the quantity demanded declines because people are not willing to spend more money on a particular product.