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Title: Oil price elasticity

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Subject: Business
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Date: January 3, 2007
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Length: 4 / 1134
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This makes demand for oil inelastic. The closer a substitute of a product is (to the product) the more elastic the demand is. For example, oil's substitutes (such as gas and coal) aren't closely related to oil so the demand for oil is inelastic. Oil cannot be replaced easily for its purposes, for example, using coal or gas to power motor vehicles is impractical and inefficient...

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Oil cannot be replaced easily for its purposes, for example, using coal or gas to power motor vehicles is impractical and inefficient. Consumer's incomes also affect the elasticity of demand. Oil does not take up a large portion of people's incomes. This also adds to the demand of oil being inelastic as it doesn't affect an individual's monetary situation because it does not have as much of a noticeable change to their other expenditures...

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