What explains that the demand for Nike shoes is more price elastic than the demand for sneakers in general?

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What is the price elasticity of demand for Nike?

The demand for Nike products is price inelastic because the increase in price have little to minor changes on the quantity demanded. If a large change in price is accompanied by a small amount of change in quantity demanded, the product is inelastic.

Is Nike demand elastic or inelastic?

Nike's products are price elastic since they are categorized as luxury goods.

Are sneakers elastic or inelastic?

Using economic terms, consumers will not be very sensitive, or responsive, to price changes—so the demand for shoes will likely be price inelastic.

Is the demand for a specific brand of running shoes more elastic or less elastic than the demand for running shoes in general?

There are fewer substitutes for all running shoes (and they are not as good substitutes). Thus, the demand for a specific brand of running shoe should be more elastic than the demand for running shoes in general. 5.

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