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Is the demand for insulin perfectly inelastic?
No, the demand for insulin is not perfectly inelastic.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
What happens to the price of a good in a market with perfectly inelastic supply when there is a decrease in demand for that good?
In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.
Is the demand for insulin perfectly inelastic?
No, the demand for insulin is not perfectly inelastic.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
What happens to the price of a good in a market with perfectly inelastic supply when there is a decrease in demand for that good?
In a market with perfectly inelastic supply, the price of a good will not change when there is a decrease in demand for that good.
The labor demand curve of a purely competitive seller perfectly elastic?
yes the demand curve is perfectly inelastic and horizontal
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 difference between a perfectly elastic and a perfectly inelastic demand curve in economics?
A perfectly elastic demand curve means that the quantity demanded changes infinitely with a change in price, while a perfectly inelastic demand curve means that the quantity demanded remains constant regardless of price changes.
When does supply curve look like a demand curve?
When supply and demand are perfectly elastic/inelastic
How does the concept of perfectly inelastic demand impact the benefits that consumers receive from trade?
The concept of perfectly inelastic demand means that the quantity demanded does not change with price. In the context of trade, if a good has perfectly inelastic demand, consumers will not benefit as much from trade because they will still buy the same amount regardless of price changes. This limits the potential gains from trade for consumers.
Distinguish between elastic and inelastic 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.
What is demand when the coefficient of price elasticity of demand is zero?
When the coefficient of price elasticity of demand is zero, it indicates that demand is perfectly inelastic. This means that consumers will purchase the same quantity of a good or service regardless of any changes in its price. In such cases, the quantity demanded remains constant, as the good is considered a necessity with no close substitutes. Examples of perfectly inelastic demand often include essential medications or life-saving products.
