Some of the products with elastic demand are clothing, soft drinks. cars etc. the demand for these products is elastic as these are not necessity, so a big increase in price would cause people to stop buying them.
What does elastic demand mean?
Elastic demand refers to the demand in which the change in quantity demanded due to a change in price is large. An elastic demand is one when the quantity demanded of a good is sensitive to the changes in price.
A good's price elasticity of demand refers to the measure of how sensitive the quantity demanded of a good is to its price. When the price of the goods rises, then quantity demanded falls for almost any good.
Some example of the products with an elastic demand are the consumer durables, soft drinks, clothing, washing machine etc. These products have elastic demand as they are not the necessary goods and their need can be postponed if price rises.
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