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Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
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How would the demand curve of cigarettes?
Demand curve will be perfect inelastic
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
Is the monopolist's demand curve elastic or inelastic?
The monopolist's demand curve is typically inelastic, meaning that changes in price do not have a significant impact on the quantity demanded by consumers.
When is a demand curve described as price inelastic?
boobs
How would the demand curve of cigarettes?
Demand curve will be perfect inelastic
Draw a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
A perfectly inelastic demand curve will be completely horizontal and means that consumers would any price for a particular good, which is almost impossible. The closer to being horizontal a demand curve is, the more inelastic the demand.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
Is the monopolist's demand curve elastic or inelastic?
The monopolist's demand curve is typically inelastic, meaning that changes in price do not have a significant impact on the quantity demanded by consumers.
When is a demand curve described as price inelastic?
boobs
You want the characteristics of perfect inelastic demand curve?
A verticle demand curve, where a change in price does not effect quantity.
True or False the steeper the demand curve the less elastic the demand curve?
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
How does monopoly control the price of its product?
faces a demand curve that is inelastic throughout the range of market demand. faces a perfectly inelastic demand curve. is a price maker. is also able to dictate the quantity purchased
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
Why is it difficult to judge elasticity of demand or supply if you are merely observing the appearance of a demand or supply curve on a graph?
Because it is basically curved shape, therefore, there are points/areas on the curve where the demand or supply will be elastic and on some other parts be inelastic. At the top of the curve, demand/supply tends to be inelastic and at the bottom of the curve, it tends to be elastic. Obviously, the more you go up the more we reach the perfectly inelastic demand/supply and the further you go down the curve, the more you reach the perfectly elastic demand/supply
Show a demand curve illustrating price inelastic demand and explain how the curve relates to the definition of price elasticity of demand?
See the related link. A perfectly inelastic demand would be a line straight up and down. That would show that demand is constant regardless of the price.
What is the difference between a perfectly elastic and a perfectly inelastic demand curve in economics?
A perfectly elastic demand curve means that the quantity demanded changes infinitely with a change in price, while a perfectly inelastic demand curve means that the quantity demanded remains constant regardless of price changes.
