Production itself cannot have inelastic demand, only supply. I will look at both cases.
The demand for rice as a good is very inelastic. This is because people will buy rice no matter the price, because in many places of the world, it is their main source of food. Recently rice as skyrocketed in price (resulting in riots in places), but people still buy it. This is mainly out of necessity, but alternatives are emerging.
The elasticity of supply is also inelastic, as we are looking at a huge rise in prices, but a very small change in production.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
elastic
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
difference between elastic and inelastic demand
elastic
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Inelastic Demand & Elastic Demand
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
it is perfectly inelastic
Demand is unit elastic.