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
elastic
narcotics, food, gas
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.
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
elastic
narcotics, food, gas
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic 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.
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
The demand for electricity is generally considered to be inelastic, meaning that changes in price do not significantly affect the quantity demanded.
A)