"Demand Headlines"

1. Demand for Complementary Goods/ Services: "Taylor Swift gets dumped again, too depressed to show up to launch of new eyeliner/ mascara line."

2. Substitute Demand: "Goat foot found in coca cola drink, pepsi sales rise dramatically!"

3. Elastic Demand: "Bridgeport movie tickets rise to $100 a ticket, sales have never been so low!"

4.  Inelastic Demand: "Medicine prices rise a mother load, but cough cough, sales stay the same!"

Medicine is a solid example of a product that

is in inelastic demand because no matter how expensive it may get, people will continue to purchase it as they continue to get sick. Also, there are many different types of medicine used for a numerous amount of sicknesses and everyday needs. A product that is in elastic demand is not an essential to a consumers life, but as an inelastic demand item, medicine is most definitely an essential and unless people want to go through life constantly sick, they can not just give it up if the price were to increase, instead they would have to make sacrifices in other areas of there lives to pay more for their medical needs. For example, if the price of medicine did increase to say, twenty dollars per bottle of cold medicine, the consumer would most likely end up having to give up going to see a movie or getting a pedicure that day because of the financial necessity that is medicine. Medicine can not simply be given up meaning no matter what the price, it will continued to be purchased, making it in inelastic demand.