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I see this is not in the economics section and it is an economics question.
Inelastic: Price does not vary quickly with supply and demand
Possible reasons:
- OPEC works to keep the cost of Oil constant and high.
- The oil companies have reduced the available additional capacity in the North American Market damping the price and supply fluctuations.
- Oil is a long supply chain product, this means that when the demand drops, the oil to make it was purchased months ago and the price will remain high until that oil is used up.
- Oil is a large stocking item at both supply terminals and the gas station. This means the fuel you buy today was purchased at the station as much as a month or more ago.
- Gas is a large cost item for the station and the price charged for it today MUST cover the purchase of replacement supplies.
One of the above reasons works in reverse to the way you would think so use the examples carefully
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Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What is an example of an inelastic good?
A good is inelastic if after a 1% increase in price the quantity demanded falls by less than 1%. Essentials such as petrol tend to be inelastic as do addictive products such as cigarettes.
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Is the price and demand for junk food elastic or inelastic?
elastic
Products whose demand is price elastic and price inelastic?
product whose demand is elastic are jewells(gold,silver,platinum,dimond,etc) fuel(petrol,disel,kerosene,etc) sugar detergents soaps(washing and bathing) products whose demand is inelastic are salt fruits food and vegetables
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What is an example of an inelastic good?
A good is inelastic if after a 1% increase in price the quantity demanded falls by less than 1%. Essentials such as petrol tend to be inelastic as do addictive products such as cigarettes.
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Is the price and demand for junk food elastic or inelastic?
elastic
Products whose demand is price elastic and price inelastic?
product whose demand is elastic are jewells(gold,silver,platinum,dimond,etc) fuel(petrol,disel,kerosene,etc) sugar detergents soaps(washing and bathing) products whose demand is inelastic are salt fruits food and vegetables
When is price elasticity inelastic?
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
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.
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
Is bread elastic or 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.
If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
What are the differences between an elastic and inelastic item?
An elastic item benefits from price decreases whereas an inelastic item does not.
