For example, the demand for automobiles would, in the short term, be somewhat elastic, as the purchase of a new vehicle can often be delayed. The demand for a specific model automobile would likely be highly elastic, because there are so many substitutes.Click to see full answer. Likewise, how do you know if supply is elastic or inelastic?If a change in the price of a product significantly influences the supply and demand, it is considered “elastic.” Likewise, if a change in product price does not significantly change the supply and demand, it is considered “inelastic.” For elastic demand, when the price of a product increases the demand goes down.Beside above, is property elastic or inelastic? Elasticity then, is the extent to which supply or demand changes with price, and they are inelastic when they hardly change at all. With respect to housing supply—it usually means that little or no new housing stock is coming onto the market even though house prices and rentals are increasing. Regarding this, is Chicken elastic or inelastic? The price elasticity of demand for chicken, on the other hand, is more elastic for most consumers. This means that an increase in the price of chicken is likely to to cause consumers to look to other alternatives instead of expending more for the chicken.What is perfectly inelastic?An economic situation in which the price of a product will have no effect on the supply. In a perfectly inelastic situation regardless of the amount of a product on the market, the price of the product remains the same. Perfectly inelastic is the opposite of perfectly elastic.