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If a product's demand is inelastic, it means that changes in the price of the product do not significantly affect the quantity demanded by consumers. This indicates that consumers are not very responsive to price changes, and the demand for the product remains relatively stable.
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Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the demand for insulin perfectly inelastic?
No, the demand for insulin is not perfectly 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 remains unchanged regardless of their price?
Such products have an inelastic demand.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the demand for insulin perfectly inelastic?
No, the demand for insulin is not perfectly 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.
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
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 contribute to the consistent demand for products with inelastic demand, and how do businesses capitalize on this unique market characteristic?
Factors contributing to consistent demand for products with inelastic demand include limited substitutes, necessity, and brand loyalty. Businesses capitalize on this by setting higher prices without losing customers, maximizing profits even with lower production costs.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Why are the unique products price inelastic?
inelastic is supply and demand trends. inelastic means the demand only slightly or never really changes. things like luxury items, sports cars, mansions, penthouse apartments, high class call girls, all of them stay at steady prices because the demand for them never changes.
What is perfect inelastic demand?
In economic theory, a perfect inelastic demand is a demand for some product that cannot be reduced, either by higher prices or shortages, because it is something that people absolutely have to have at any cost. There would be very few examples of a perfect inelastic demand. Some people need a certain kind of medicine to treat their disease, such as a severe diabetic who needs insulin; this is a perfectly inelastic demand. A heroin addict must have his or her heroin, regardless of cost, so that too is a perfectly inelastic demand. But most products have some elasticity of demand. If you cannot afford fruit juice, you can probably drink water instead.
What is the influence of branding on price sensitivity?
The main purpose of branding products is to create relatively inelastic demand for the product
