The CISG, which deals with both contract formation and the obligations of the parties, carefully balances the interests of the buyer and seller. In economics, we use elasticity to measure the responsiveness of buyers and sellers relative to the change in the price of goods and services.The purpose of the CISG is to provide a modern, uniform and fair regime for contracts for the international sale of goods. Services" and King Chemical's manufactured goods was to translate into sale revenues in U.S. retail chains. It's generally applied to consumer staples. The significant features for the year with regard to industrial out put were 1 Substantial increase in the output of durable goods. Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. Elasticity shows how sensitive quantity is to a change in price.