Why for some products you would not decrease purchases substantially even if prices go up and for some other products you would?
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1. For certain products no matter if the price increases or decreases the purchased quantity stays around the same due to the product being known as inelastic demand, what this means is that these are static products or services that despite the price the demand will in most cases stay the same. A big example of inelastic demand for a product is prescription drugs, no matter what the cost people still need this product because it either helps the consumer to get well or helps them to maintain their lifestyle without worry, these products will always have a demand and will never truly decrease their quantity needed or bought due to the demand never changing. Another example of an inelastic product is gas, recently gas prices have been very unpredictable and changing like the weather one day the prices are decreasing and the next they are sky high again but just like prescription drugs, gas is what helps people get around, and makes their car go, and despite the changing prices people will always pay for it because they need it in day to day life. Inelastic demand is only applied to certain products however elastic demand is when a product quantity will decrease as the price decreases because there is a drop in demand for those elastic-demand products and that is why for some products quantity never decrease due to prices increasing.
