You pay 1-20 pounds for an album for your favourite singer, band, rapper or DJ or maybe you illegally download them, in which case stop and support your filthy rich singer.

An elastic market is where if price goes up there is a huge drop in domain compared to the profit gained, a price inelastic market is when the reverse happens, increasing price will lead to a smaller then proportionate drop in sales increasing profit.

When trying to identify how elastic music is there are a few variables to include: Do you like them and have you got enough money to pay if both of these are yes then would you pay? If I gave you $100 and your favourite singer just released their new album which cost $100 would you buy it? I wouldn’t which means it’s a price elastic market, contrasting ideas anyone?

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