Substitute demand - "Plane tickets triple in price, demand for train tickets Soar"
Complementary demand - "The fourth is less than a day away and barbecue items are flying off the shelves"
Elastic demand - "Dr.Pepper prices drop, Consumers stock up"
Inelastic demand - "Oil spill goes straight to the pump, consumers not happy"
Last week one of the biggest oil companies in the U.S. had a major oil spill. The captain opf the ship was heavily intoxicated and didnt notice a giant rock that the ship was heading towards and cost them millions. The company is now also being sued because of previous oil spills. Gas prices jumped one dollar in the last two days and are still increasing. With the gas prices going up consumers are converting to riding their bike to work, but with Oregon rain on its way consumers are getting frustrated. This company needs to do some self evaluating if they want to get back to the top.
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