Elasticity of supply describes how a product's quantity affects its price. Milk, for example, has an elastic supply - the quantity goes up and the price goes down. Or, as the quantity is limited, the price goes up. Inelastic supply implies that availability does not affect price, such as with airplane flight tickets.
Inelastic
The product will tend to be elastic if the purchase of a product could possibly be delayed.
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
The quantity of the the products bought tends to fluxuate a lot. The prices tend to stay somewhat stable. It is opposite for inelastic demand,
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
Inelastic
The product will tend to be elastic if the purchase of a product could possibly be delayed.
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
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.
The quantity of the the products bought tends to fluxuate a lot. The prices tend to stay somewhat stable. It is opposite for inelastic demand,
Elasticity is "a measure of responsiveness that tells us how a dependent variable such as a quantity responds to a change in an independent variable such as price." Basically, that means that elastic product's demand is affected by price and an inelastic product's demand is unaffected by price.For example: if a product is elastic, the price goes up and demand goes down, or the price goes down and demand goes up. Examples are electronics, candy and junk food, and even cars.If a product is inelastic, the demand will stay the same no matter the price. Examples are medical supplies.
A good's demand is considered perfectly inelastic when that good's demand does not change, no matter the price set. No matter how big or small the price change is. I would pay any price for air.
Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people. Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.
Either elastic or inelastic
An example of perfectly elastic demand is when a small change in price leads to an infinite change in quantity demanded. This means consumers are willing to buy any quantity of a good at a specific price, such as a generic product like salt or water.
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.
the market demand for the product. undefined. more inelastic than the market demand for the product. more elastic than the market demand for the product