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Business
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| Number of pages / Number of words: |
3 / 614 |
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Therefore we can say that even with the price of oil rising it does not matter to consumers because it has become a necessity.
To conclude that even with the rising of gas prices the demand is also going up. That is not only in the United States but in the world which in total is 5%. So the demand of oil is elastic according to the rise in percentage of demand for oil...
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So the demand of oil is elastic according to the rise in percentage of demand for oil. Oil is now treated as a necessity even though there are substitutes, it is still highly demanded by consumers with the price rising. I also believe that even though with gas prices going up people will
still buy it...
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