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What are example of product with perfectly elastic and perfectly inelastic supply?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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Is salt an elastic or inelastic product?
Inelastic
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
What will happen if there is an increase in demand for a product who's supply is perfectly elastic?
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,
What is perfect elastic of 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.
What is the difference elastic and inelastic demand?
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.
Is salt an elastic or inelastic product?
Inelastic
Is cotton elastic or inelastic product?
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.
Will a product tend to be elastic or inelastic if the purchase of a product can be delayed?
The product will tend to be elastic if the purchase of a product could possibly be delayed.
What is the definition of perfectly elastic demand?
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.
What will happen if there is an increase in demand for a product who's supply is perfectly elastic?
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,
What Distinction between price elastic and price inelastic?
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.
What is perfect elastic of 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.
What is the difference elastic and inelastic demand?
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.
A price cut will increase the revenue a firm receives if the demand for its product is?
Either elastic or inelastic
When a product is in demand what happens to the demand curve?
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
Are newspapers elastic or inelastic?
Probably the easiest way to think about the question of elasticity is "If the price of my product rises, will lots of people stop buying it?" If the answer is "Yes", then the good is elastic. If the answer is "No", then the good is inelastic.As a result, the question of whether newspapers are elastic or inelastic depends on the community. If you have a community where there are no alternative news sources, newspapers are likely going to be inelastic (because people generally want to know the news). If you have a community with access to substitute news sources, such as television journalism or internet journalism, newspapers are likely to be more elastic. Of course, if you have a community that does not care about the news at all and would not consume news, newspapers would be perfectly elastic since nobody would buy one at any cost.
What is an example of a product that is not elastic?
A product that is "not elastic" is considered "inelelastic." More precisely, we say that DEMAND for the product is elastic or inelastic (a good example of an"elastic product" is a rubber band, but that is to say nothing of its demand.Inelastic goods tend to fall into a few categories. They may be goods which have few close substitutes. This means that broadly defined goods tend to have less elastic demand than narrowly defined goods. For example, "vegetables" have less elastic demand than "broccoli," because if the price of broccoli goes up, we can easily switch to cauliflower or asparagus. Likewise, "vegetables" have more elastic demand than "food." When vegetables are more costly, we can stock up on grains or fruits (but probably won't switch to more meats, since they tend to be more expensive already). If the price of food goes up, we will simply pay it if we can. Thus, "food" is a relatively inelastic good.Another category of goods with inelastic demand is goods whose cost represents a small portion of our budgets. Salt is a great example. If the cost of salt doubles from $1 to $2, we are unlikely to cut our consumption in half. We may not even notice.
