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What are example of product with perfectly elastic and perfectly inelastic supply?
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.
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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 factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
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.
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.
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 factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
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.
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
What is a perfect elastic example that demonstrates the concept of perfectly elastic demand?
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.
Is telivision elastic or inelastic?
Television as a product can exhibit both elastic and inelastic characteristics depending on the context. For example, demand for cable subscriptions may be inelastic because many consumers consider it a necessity for entertainment. However, demand for premium channels or streaming services can be more elastic, as consumers can easily switch to alternatives or forgo them if prices rise. Overall, the elasticity of television depends on factors such as consumer preferences, availability of substitutes, and price changes.
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.
