price elasticity=%change in quantity divided by %change in price
it's inelastic when the absolute value of price elasticity is between 0 and 1
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
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.
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.
Inelastic It is inelastic because it is a necessity, which is a factor that determines price elasticity, bread is a staple diet around the world which makes it a need and therefore a necessity which is inelastic.
the price elasticity of necessary good is always inelastic because these goods are vital for human existence and people will have to acquire them no matter their prices in order to ensure survival, hence their inelasticity.
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
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.
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.
Inelastic It is inelastic because it is a necessity, which is a factor that determines price elasticity, bread is a staple diet around the world which makes it a need and therefore a necessity which is inelastic.
the price elasticity of necessary good is always inelastic because these goods are vital for human existence and people will have to acquire them no matter their prices in order to ensure survival, hence their inelasticity.
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
marginal revenue is negative where demand is inelastic
Elasticity of demand in the steel industry is inelastic. The price of steel can fluctuate and the demand will remain constant. As a result, as price moves, revenue will move in the same direction.
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
then it's inelastic. Say you're talking about price elasticity of demand , this is represented with a much more upright curve as quantity changes little with a large movement in price.
there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand