Group 4

Group members –

2008

2037

2026

2041

2058

2023

2065 ( NC)

If demand for a good or service remains unchanged even when the price changes, demand is said to be
inelastic.

If demand for a good or service changes when the price changes, demand is said to be elastic.

Jack's demand is elastic because he buys petrol based on his ability to pay so fluctuation in price will
effect his demand.

Whereas Jill buys the petrol according to the quantity he requires, it seems the price doesn’t matter him
much, so he’ll tend to buy same quantity of petrol no matter the price, hence his demand is inelastic.