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What is the difference between elastic demand and inelastic demand?
Wiki User
∙ 14y ago
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!
Wiki User
∙ 14y ago
Elastic demand refers to a situation where there is a significant change in quantity demanded in response to a change in price. Inelastic demand, on the other hand, occurs when the quantity demanded changes relatively little in response to a change in price. Elastic demand indicates that consumers are more sensitive to price changes, while inelastic demand suggests that consumers are less sensitive to price changes.
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What is the example of declining demand?
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What is the difference between selling and marketing?
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Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the price and demand for junk food elastic or inelastic?
elastic
Distinguish between elastic and inelastic demand?
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.
Is fruit elastic or inelastic demand?
elastic
What is the difference between elastic and inelastic?
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.
What is the difference between inelastic and elastic goods?
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.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Demand for wine is elastic or inelastic?
Highly elastic.
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
The difference between a elastic and inelastic 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.
What are the different types of demands?
Inelastic Demand & Elastic Demand
