When a reduction in price results in a decrease in total revenue.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
elastic
Inelastic Demand & Elastic Demand
inelastic demand
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
difference between elastic and inelastic demand
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
elastic
Inelastic Demand & Elastic Demand
What is inelastic demand
inelastic demand
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
it is perfectly inelastic
for elasticity less than one the demand will be inelastic, i.e there will be very less effect of price on the demand.It will be relative inelastic or inelastic.
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.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand