Can someone please explain why demand for exports is elastic while that for imports is inelastic? Can the country not import from some other country if it is expensive from the current one, making the demand for imports inelastic?
The demand for imports is inelastic! Also, the demand for imports is imports from anywhere, not imports from a particular country. So if the price of (all) imports goes up, unless we can make the good domestically for less, we'd just have to pay the price, so quantity won't change much, hence inelastic demand. Of course, if the good/service is one that could be imported from any number of countries, then competition should mean that the price is less likely to go up in the first place, but this fact won't then affect the quantity of imports any more than if there was only one country to import it from!
