As far as the overall demand for bananas is concerned, it can either elastic or inelastic depending on the region. In places where bananas are scarce the demand for them will be higher and therefore elastic. A basic rule of economics is that when the supply of something is low, the demand is going to be higher.
The terms â€œelasticâ€ and â€œinelasticâ€ refer to types of economic demand of products such as bananas. Bananas are sold all around the world and they are certainly one of the more popular fruits out there. Sometimes because demand for these fruits is so high, farmers and supermarkets are not able to keep up with it.