Top Answer
User Avatar
Wiki User
Answered 2014-11-20 02:19:03

Coffee is inelastic, based on the high number of people who enjoy, and believe they can't get along without coffee, it's demand will remain high. Pricing changes won't seriously influence sales.

User Avatar

Your Answer

Still Have Questions?

Related Questions

Explain the different degree of price elasticity of demand?

1. perfectly elastic demand 2. perfectly inelastic demand 3.relative elastic demand 4. relatively inelastic demand 5.unitary elastic demand

What are the types of price elasticity of demand?

there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand

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.

Types of price elasticity of demand?

1) Perfectly elastic (x=infinite). 2) Elastic (1<x<infinite) 3) Unit elastic (x=1). 4) Inelastic (0<x<1). 5) Infinitely inelastic (x=0).

What is inelastic?

Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic

What is an example of a product that is not elastic?

A product that is "not elastic" is considered "inelelastic." More precisely, we say that DEMAND for the product is elastic or inelastic (a good example of an"elastic product" is a rubber band, but that is to say nothing of its demand.Inelastic goods tend to fall into a few categories. They may be goods which have few close substitutes. This means that broadly defined goods tend to have less elastic demand than narrowly defined goods. For example, "vegetables" have less elastic demand than "broccoli," because if the price of broccoli goes up, we can easily switch to cauliflower or asparagus. Likewise, "vegetables" have more elastic demand than "food." When vegetables are more costly, we can stock up on grains or fruits (but probably won't switch to more meats, since they tend to be more expensive already). If the price of food goes up, we will simply pay it if we can. Thus, "food" is a relatively inelastic good.Another category of goods with inelastic demand is goods whose cost represents a small portion of our budgets. Salt is a great example. If the cost of salt doubles from $1 to $2, we are unlikely to cut our consumption in half. We may not even notice.

What good has inelastic supply and elastic demand a specific example of a good please?

Would someone answer my question please I need it due Monday :S Inelastic supply ensures a predictable level of supply and also a static cost price. Elastic demand would mean that you need to careful in planning your supply pipeline. if you order too much you may end up selling at or below cost or at lower than budgeted margins. Generally in a globalised open market these 2 conditions cannot exist for long. They are counter intuitive

What does it mean if the price elasticity of demand is 2?

It's an elasticity coefficient of demand: deltaD/deltaP When the coefficient is >1 it is an elastic demand When the coefficient is <1 it is a nonelastic demand

What is the value of coefficient of restitution for the perfectly elastic body?

It is 1. A value of 0 is perfectly inelastic, but examples of objects where it is 1 are hard to come by. (eg. 2 electrons colliding.)

What is the elastic demand?

Elasticity of demand is the responsiveness of quantity demanded of a good or service to changes in the price. Elastic demand means that for a change in price, the change in quantity demanded is more than proportionate. So the cheaper the price gets (say 1 unit), the quantity demanded will increase improportionately (say 2 units).

What rhymes with plastic?

Fantastic?Elastic, Spastic2 syllables:drastic3 syllables:bombastic, dynastic, elastic, fantastic, fantastik, gymnastic, monastic, sarcastic, scholastic4 syllables:gum elastic, inelastic, onomastic, thermoplastic5 syllables:ecclesiastic, enthusiastic, iconoclastic, interscholastic6 syllables:trip the light fantastic, unenthusiasticfrom: rhymezone.comFantastic

The physics behind car crashes?

There's the conservation of momentum ( p=m*v) in EVERY collision and depending on the type of collision whether it be "Elastic" or "Inelastic", there's also a conservation of Kinetic Energy (KE=1/2 m*v^2)

What are the five examples of goods or services having elastic demand?

1. Private Schools 2. Motor Car. 3. Motorcycle. 4. Petrol. 5. CNG

What do you call a good whose income elasticity is less elasticity of demand?

A. Explain whether demand would tend to be more or less elastic for each of the following three determinants of elasticity demand.1. Availability of substitute goods2. Share of consumer income devoted to a good3. Consumer's time horizon

Is coffeee spelled coffeee or coffee?

Coffee is spelled coffee with 2 f's and 2 e's.

What is the formula for elastic coiiision?

In the case of an elastic collision, you can write two equations, which can help you solve certain practical problems. 1) Conservation of momentum. The total momentum before the collision is the same as the total momentum after the collision. 2) Conservation of energy. The total mechanical energy before and after the collision are the same. Note: The first equation is also valid for inelastic collisions; the second one is not.

How do you calculate the change in kinetic energy during a inelastic collision?

Well technically you can use the same equation for elastic collisons to find the velocity. (first mass*its velocity)+(secind mass*its velocity)=(first mass*new Velocity)+(second mass*new velocity) OR... if its inelastic the seccond half of the equation can look like: (first mass+second mass)*Final Velocity and the formula for kinetic energy is: .5mv^2

What are the types of supply elasticity?

Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply

Why it is important for a business to know the price elasticity of demand for its product?

1) Firms know the perception of their product in the eyes of consumers; customer loyalty level. (Devise appropriate marketing strategies to improve perception of pdt) 2) Pricing strategy (an elastic demand curve will require biz to lower price to earn a higher Total revenue) 3) Customer's response to a promotional campaign. (a pdt that has an elastic curve will be more responsive) 4) Competitor's position. If lowering price is able to raise demand by more than a proportionate amount, this shows competitor's demand curve is relatively elastic. 5) anticipate patterns for new products / extensions that are similar with the current one.

What are the uses of price elasticity of demand?

There are several uses of Price Elasticity of Demand that is why firms gather information about the Price Elasticity of Demand of its products. A firm will know much more about its internal operations and product costs than it will about its external environment. Therefore, gathering data on how consumers respond to changes in price can help reduce risk and uncertainly. More specifically, knowledge of Price Elasticity of Demand can help the firm forecast its sales and set its price.Sales forecasting: The firm can forecast the impact of a change in price on its sales volume, and sales revenue (total revenue, TR). For example, if Price Elasticity of Demand for a product is (-) 2, a 10% reduction in price (say, from $10 to $9) will lead to a 20% increase in sales (say from 1000 to 1200). In this case, revenue will rise from $10,000 to $10,800.Pricing policy: Knowing Price Elasticity of Demand helps the firm decide whether to raise or lower price, or whether to price discriminate. Price discrimination is a policy of charging consumers different prices for the same product. If demand is elastic, revenue is gained by reducing price, but if demand is inelastic, revenue is gained by raising price.Non-pricing policy: When Price Elasticity of Demand is highly elastic, the firm can use advertising and other promotional techniques to reduce elasticity.

What are the kinds of demand?

There are three kinds of demand. 1. price demand 2. Income demand 3. cross demand.

If good X has a price elasticity of demand equal to 2 and the price increases by 10 percent by what percent will the quantity demand change?

Price elasticity of demand= percentage change in demand/percentage cgange in price 2 = % chnge in demand/10 % change in demand= 2*10 % change in demand= 20%

How many teaspoons in 2 coffee spoons?

5 teaspoons and you will have 2 spoons of coffee.

What are the release dates for SportsFigures - 1995 The Elastic Racquet 5-2?

SportsFigures - 1995 The Elastic Racquet 5-2 was released on: USA: 14 October 1999

When will transformers 2 be on on demand?

it already is on hits on demand

Still have questions?