Inelastic
Inelastic
Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic
You have an inelastic product.
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Inelastic
Cotton is an inelastic product, meaning its quantity demanded does not change significantly with price fluctuations. This is because cotton is a basic necessity and its demand remains fairly stable regardless of price changes.
Inelastic
Inelastic is something which is not flexible. You cannot stretch any inelastic product, whereas you can easily stretch the products which are flexible.There are two types of elasticities in economics.1. Elastic2. inelastic
You have an inelastic product.
inelastic demand
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
inelastic demand
The product will tend to be elastic if the purchase of a product could possibly be delayed.
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
When a price increase has little or no effect on the demand for a product, it is inelastic.