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https://findanyanswer.com/is-jewelry-elastic-or-inelastic
4.4/5 (201 Views. 14 Votes) Luxury goods tend to be highly elastic, with an elasticity of demand greater than 1. Luxuries, such as consumer electronics, jewelry, high-priced cars and fashionable clothes, tend not to have a linear relationship with income. Earning 5 percent more does not mean you'll buy 5 percent more jewelry.
https://prezi.com/fvcouqpmzylq/measurement-of-elasticity-of-demand-for-gold-and-silver/
Here we see that both the Gold and the Silver has elastic demand. Which means that their quantity demanded responds greatly to price changes. Therefore, both of them are treated as luxury items. And, the Gold shows comparatively more elastic demand than the Silver.
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