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A Bottle Of Water Is An Inelastic Good
303 Words1 Page
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I consider a bottle of water is one of my low elasticity goods. The bottle of water contains a few reasons why it is an inelastic good. First, it is inelastic because this good is considered a necessity good. The reason why it is necessary because as human being, water is the most important factor that the human body is organized with 70% of water. Second, it is inelastic because this good is not considered as luxury. People have to drink a water in order to live, so water cannot be luxury to every one. Lastly, this good is inelastic because the bottle of water is cheap that most people could buy without consideration. People, for instance, buy the bottle of water at any store when they are thirsty. Since this is inelastic for me that
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