Chervon Case Study

Sirloin steak would be considered an elastic demand. If the price increased for the steak, consumers can choose from alternate meat products to purchase at a lower price. A dozen of eggs would be an inelastic demand. Regardless, the price of eggs consumers will still purchase them. Eggs will always be in demand and produced. There are less alternatives for eggs. Gas is a need for transportation. If you had to choose among Chervon gas vs all brands of gas combined. Chervon, would be an elastic demand and choosing that brand would be a preference. If their price increased, consumers are aware of several other brands available to purchase. Apple is a well-known brand for their quality of products. An iPhone would be an inelastic