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The demand for salt is inelastic primarily because it is a necessity for cooking and food preservation, meaning consumers will continue to purchase it regardless of price changes. Additionally, there are few close substitutes for salt in its primary uses, which further contributes to its inelastic demand.
What else can I help you with?
What type of demand does salt and television and food grains have?
I would say that salt and food grains have an inelastic demand and television has an elastic demand.
Why is salt an example of inelastic demand?
Because it is a necessity to life, so it will be bought no matter the price.
Is salt an elastic or inelastic product?
Inelastic
What products have inelastic supply and inelastic demand?
Caffeine from coffees and teas. The caffeine is an inelastic supply because there arent many substitutes for caffeine. --Wayne Also products like salt and pepper are inelastic because people can consume only so much of them. --Danny R.
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
What type of demand does salt and television and food grains have?
I would say that salt and food grains have an inelastic demand and television has an elastic demand.
Why is salt an example of inelastic demand?
Because it is a necessity to life, so it will be bought no matter the price.
Is salt an elastic or inelastic product?
Inelastic
What is inelastic demand and does salt cigarettes or biscuits have the most and why?
The concept of Inelastic Demand means that the goods are not responsive to any price changes. If we say a good faces an inelastic demand curve, this means that any price changes, increases or decrease will have little or no impact on the quantity demanded. For example, we can say that specific medication for certain illness can have an inelastic demand, as even if the price of the medication increases, there is little that the consumer can do, the consumer still needs to buy the medication, as he needs it. Hence little or no changes in the quantity demanded for the medication even if there are changes in the price. You need to understand that several factors can affect the elasticity of demand like time period, percentage of income spent on the good and the number of substitutes. To answer your 2nd question, Salt will have an inelastic demand. This is because there is not a lot of substitute to salt. Another reason is that people spend a small fraction of their monthly income on salt. Hence, any changes in the price of salt, will have little or no effect on the quantity demanded for salt. Cigarettes will have an inelastic demand as well. As there is little substitutes and also people can be addicted to it. While biscuits will have an elastic demand. There can be quite a number of substitutes to biscuits. If the price of biscuits increases, immediately consumers will reduce the demand of biscuits, and opt for substitutes.
What products have inelastic supply and inelastic demand?
Caffeine from coffees and teas. The caffeine is an inelastic supply because there arent many substitutes for caffeine. --Wayne Also products like salt and pepper are inelastic because people can consume only so much of them. --Danny R.
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
What factors would most likely explain why salt in very inelastic?
Salt is considered very inelastic primarily due to its essential role in human diets and various industrial processes. Even when prices increase, consumers and businesses still require salt for food preservation, flavoring, and chemical production, leading to minimal changes in quantity demanded. Additionally, there are few close substitutes for salt, reinforcing its inelastic demand. This combination of necessity and lack of alternatives contributes to its inelasticity.
Which is more inelastic soap or salt?
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If salt is highly inelastic then why wouldn't producers of salt increase their prices?
The price of salt, which is highly inelastic in our economy, WILL NOT change due to other variables, such as one seller raising prices to increase profits or meet new costs. Because... someone else will always be there selling cheap salt. There is a lot of salt, in a lot of places. Hence, its price is inelastic.
Three factors that make a product inelastic?
A product is considered inelastic when its demand does not significantly change with price fluctuations. Three factors that contribute to this inelasticity include: 1) Necessity: Essential goods, like basic food items or medications, tend to have inelastic demand because consumers need them regardless of price changes. 2) Lack of substitutes: When there are few or no alternatives available, consumers must continue purchasing the product even if prices rise. 3) Small portion of income: Products that constitute a minor expense in a consumer's budget, such as salt or toothpaste, are less sensitive to price changes, leading to inelastic demand.
What factors would most likely explain why salt is very in elastic?
The inelastic demand for salt is likely due to its necessity as a basic dietary component, with few close substitutes available. Additionally, the low cost and small proportion of a consumer's budget spent on salt also contribute to its inelasticity as changes in price have minimal impact on consumer behavior.
What makes a price elastic?
If a change or increase in price will affect demand. Elastic goods are usually those that the consumer does not NEED to purchase, such as luxury goods. When the producer increases price, demand will usually increase. Inelastic goods are those that the consumer needs to buy no matter what the price is, such as milk or salt. A sale or price increase won't affect the demand at all.
