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Elastic if there are substitutes which is unlikely but possible as green energy is a growing market
Inelastic if there are no substitutes which is mostly the case as in the case of oil, the price is set by the supplier and the consumer relies heavily on it.
What else can I help you with?
Is the price and demand for junk food elastic or inelastic?
elastic
Is the NHS as a service price elastic or inelastic?
elastic
Why gasoline is inelastic?
Elastic if there are substitutes which is unlikely but possible as green energy is a growing market Inelastic if there are no substitutes which is mostly the case as in the case of oil, the price is set by the supplier and the consumer relies heavily on it.
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
When can a commodity be completely inelastic?
Never. According to every economics textbook in existence, an "elastic" commodity is one where a one-percent price delta causes at least a one-percent demand delta. An "inelastic" commodity is one where a one-percent price delta causes less than a one-percent demand delta, and a "completely inelastic" commodity is one where demand doesn't change regardless of price changes. Here's reality: there is not one product in this world that you can increase the price of and not cause demand to fall.
What are the differences between an elastic and inelastic item?
An elastic item benefits from price decreases whereas an inelastic item does not.
What is the different between Perfectly inelastic supply and inelastic supply?
Perfectly elastic supply curve: The supply of a commodity will be perfectly elastic when its price remain constant but supply changes to any extent.The supply curve will be parallel to x axis.The numerical value of elasticity of supply will be infinity. Perfectly inelastic supply curve: The supply of a commodity will be perfectly inelastic when its supply remain constant but price changes to any extent.The supply curve will be parallel to y axis.The numerical value of elasticity of supply will be zero.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
Is oil as a commodity has elastic or inelastic demand?
Generally the price of petroleum is inelastic. The amount demanded does not decrease significantly with price. The fundamental reason is that our infrastructure is dependent on petroleum and we can not easily switch to another fuel source without significant upheaval in our infrastructure. For example, when petroleum prices rise people reduce the amount the drive but the can rarely eliminate it.
Why are some goods inelastic and some goods elastic?
Goods are classified as elastic or inelastic based on the sensitivity of their demand to price changes. Elastic goods, such as luxury items, have many substitutes and are more responsive to price changes, meaning a small price increase can lead to a significant drop in quantity demanded. In contrast, inelastic goods, like essential items (e.g., food, gasoline), have fewer substitutes and are less sensitive to price changes, so a price increase does not significantly reduce the quantity demanded. Factors such as necessity, availability of substitutes, and consumer preferences play key roles in determining elasticity.
