Elastic demand is essentially when something it a luxury, hence it can become less when price increases eg. that last piece of choc cake that you would normally buy, you decide not to, whereas the inelastic demand generally refers to a product/service that is essential or a necessity so as the price increases the consumption should remain the same regardless of price increase. for instance you need a loaf of bread, your going to buy it regardless of increase.
there is the process of substitution, by which the inelastic demand could be switched to a cheaper brand, so say you want beans for your bread, you opt for the half price 10p special rather than your usual choice of heinz's best recipe.
Hope this helps!
A monopoly produces at the elastic portion of the demand curve. If producing at the inelastic portion of the deman curve, the monopoly could lower the quantity produced and raise the price to achieve more total revenue.
The supply of labor can be elastic if the labor requires very little expertise or training. Meaning picking up a day laborer to do the job doesn't require any time wasted or money wasted. If the laborer requires training or education then the labor could be inelastic meaning time and money will be lost waiting for the new laborer to become trained.
Over time, less people want a certain product. Demand decreases.
Does this question even demand an answer or is it enough that the Question is ASKED?
Man Power. Social Demand. Rate Of Return
difference between elastic and inelastic demand
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
elastic
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
elastic
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Elastic demand changes according to some other factor. The demand for holdiay trees is elastic throughout the year because there is only damand during the winter season. Inelastic demand is constant. As you might have guessed, the demand for gasoline is inelastic because most families need a constant supply. Even during the so-called summer driving season, the uptick in demand is going to remain the same, unless prices cause what is called "demand destruction." This is what happened during 2009.
Inelastic Demand & Elastic Demand