0
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 else can I help you with?
What is short run under the Keynesian macroeconomics?
the demand for commodity x cab be described as completely price inelastic if :
When a demand of a commodity remains constant even after a big change in its price then demand is known as?
Inelastic
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.
Is furniture an elastic or inelastic commodity?
It is elastic because there is not a lot of supply in genuine antique furniture to keep up with rising prices.
Is gasoline a commodity price elastic or price 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.
If quantity demanded is completely unresponsive to changes in price demand is?
perfectly inelastic
Which commodity has the most inelastic supply?
The commodity with the most inelastic supply is typically considered to be agricultural products, particularly staples like rice or wheat. These commodities often have limited supply responsiveness due to factors like growing seasons, land availability, and the time required for production. Inelastic supply means that even significant changes in price do not lead to substantial changes in the quantity supplied, primarily because farmers cannot quickly adjust production levels.
When the demand for a commodity is inelastic who bears the greater burden of the indirect tax?
When the demand for a commodity is inelastic, consumers bear a greater burden of the indirect tax. This is because inelastic demand means that consumers are less responsive to price changes; they will continue to buy nearly the same quantity even as prices rise due to the tax. Producers may be able to pass on most or all of the tax to consumers in the form of higher prices, resulting in a larger share of the tax burden falling on the consumers.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
When two objects collide and completely stick together the collision is said to be inelastic True Or False?
True. In an inelastic collision, objects collide and stick together, resulting in a loss of kinetic energy.
Can one completely forgo a commodity?
Yeah, if you don't need any of it or anything made from it. For instance, hops is a commodity, but if you don't make, sell or drink beer you need no hops.
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.
