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Inelastic demand is when the quantity demanded of a good doesn't respond strongly to changes in price
The percentage change in quantity demanded is less than the percentage change in price (% change in Qd < % change in P)
Equilibrium price (Ep) is less than 1 (Ep < 1)
The demand curve for an inelastic good would be fairly steep
Hope this helps!
Reference:
Holmes, Hannah. "Elasticity." [ECON 1B03]. MDCL 1305. McMaster University. September 19, 2008.
Somebody else's response:
when demand doesnt alter greatly in relation to an increase or decrease of price
What else can I help you with?
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the demand for insulin perfectly inelastic?
No, the demand for insulin is not perfectly inelastic.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Is the price and demand for junk food elastic or inelastic?
elastic
What are the different types of demands?
Inelastic Demand & Elastic Demand
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the demand for insulin perfectly inelastic?
No, the demand for insulin is not perfectly inelastic.
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Is the price and demand for junk food elastic or inelastic?
elastic
What is the fiscal policy?
What is inelastic demand
What are the different types of demands?
Inelastic Demand & Elastic Demand
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
When a change in price does not lead to changes in demand the demand is called?
inelastic demand
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
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.
An elasticity measure less than one means that demand is what?
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.
