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The advancing technology used in cell phones, changes the elasticity of supply. An example is that waterproof cell phones are now available. Consumers will like this and want to switch to a waterproof cell phone.

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Gasoline has an inelastic supply. As the price increases and consumers demand decreases, the supplier still makes money.

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When the new i-phone was introduced, people wanted it and the supplier was able to accommodate them.

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Even when the price of milk increases, I still drink it to stay healthy.

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Using a lawn care service is an example of elastic demand. How much the service provider earns and charges depends on how much of a demand there is for the service.

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As the demand for gasoline increases, the price of it increases.

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Even when the price of insurance increases, we may shop around for the best price, but we still purchase it.

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Even when the price of milk increases, we still buy it to stay healthy.

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When chocolate milk is on sale, I buy more of it. I enjoy it so much. So when it’s on sale, it tastes even better because I got a good deal on it.

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The profit motive in harvesting trees is that they try to only harvest what they believe they will need and that they will replant to replace what they have harvested.

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The price of the shoes I buy depends on how much the materials, equipment, electricity, and personnel costs.

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Suppliers may offer more stock in their company since they believe the consumers will think the price will increase.

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Since the name brand of fruit snacks are high, I purchase generic brands which are cheaper.

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As the price of gasoline increases, I don’t drive as often to decrease the amount of gas I’m using.

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Since the demand for gasoline is high, then the price of the gas increases.