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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.
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.
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
Which is more inelastic soap or salt?
tfufuyuiih
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.
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.
What is the definition of perfectly elastic demand?
A perfectly elastic demand is one whos demand curve is a perfectly horizontal line. This means that at the same price for the item, the consumer is willing to buy more and more even at that same price.
What is an example of a product that is not elastic?
A product that is "not elastic" is considered "inelelastic." More precisely, we say that DEMAND for the product is elastic or inelastic (a good example of an"elastic product" is a rubber band, but that is to say nothing of its demand.Inelastic goods tend to fall into a few categories. They may be goods which have few close substitutes. This means that broadly defined goods tend to have less elastic demand than narrowly defined goods. For example, "vegetables" have less elastic demand than "broccoli," because if the price of broccoli goes up, we can easily switch to cauliflower or asparagus. Likewise, "vegetables" have more elastic demand than "food." When vegetables are more costly, we can stock up on grains or fruits (but probably won't switch to more meats, since they tend to be more expensive already). If the price of food goes up, we will simply pay it if we can. Thus, "food" is a relatively inelastic good.Another category of goods with inelastic demand is goods whose cost represents a small portion of our budgets. Salt is a great example. If the cost of salt doubles from $1 to $2, we are unlikely to cut our consumption in half. We may not even notice.
There is Increase in price of salt explain its effect on its demand?
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