Elastic products, like air travel, see demand vary with price changes ... up or down and demand stays the same, it's probably an inelastic product or service. Elasticity is especially important ...

the price of a product typically will rise. Conversely, should the supply of an item increase while the demand remains the same, the price will go down. How Will I Use This in Real Life?

We find the same pattern when we expand the sample to 1980 to 2020, use different elasticity measures, and when we instrument for local housing demand. Using a general demand-and-supply framework, we ...