question archive Discuss the characteristics of your good (grain)
Discuss the characteristics of your good (grain)
Subject:EconomicsPrice:2.88 Bought3
Discuss the characteristics of your good (grain). Is your good a necessity or a luxury? Does grain exhibit elastic, inelastic, or unitary elastic demand? Justify your answer.
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Grain is a necessity good as it is used as one of the major ingredients in the basic diet. Since, it is a good which is used on a daily basis, it has inelastic demand. So, a change in the price of grain will cause only a little change in the quantity demanded of it.
