elastic demand

feb7.md

@@ -16,3 +16,11 @@
     - decrease (but increase for the substitute)
 - Increase in price of compliment good
     - decrease
+
+## What makes demand more or less elastic?
+
+- Necessities vs Luxuries
+- Supply
+- Share of income spent on good (it's worth less to you if you're rich)
+- Time (waiting = elastic)
+- Who pays