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A good is inelastic if after a 1% increase in price the quantity demanded falls by less than 1%.
Essentials such as petrol tend to be inelastic as do addictive products such as cigarettes.
Wiki User
∙ 13y ago
Wiki User
∙ 13y agoPeople cannot quit drinking coffee even though they want to cut down on caffeine intake.
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What is the example of inelastic supply?
what is supply information
If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
A good will tend to have an inelastic demand if?
inforior good
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
What is the example of inelastic supply?
what is supply information
If the demand for a good is inelastic and the price of the good decreases?
Increase. Inelastic demand means that most consumers will continue to buy a good regardless of price.
A good will tend to have an inelastic demand if?
inforior good
If a price change causes the quantity demanded of a good to decrease by 30 percent while total revenue of that good increases by 15 percent is the demand curve elastic or inelastic?
inelastic
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
What is elastic and inelastic collisions in terms of momentum?
what is elastic and inelastic collision what is elastic and inelastic collision what is elastic and inelastic collision
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 are examples of inelastic goods?
Inelastic goods are those that we have to buy no matter what the price goes up to. For example gasoline, we can cut back but we have to have the gasoline at some point for our cars. Heating oil for our homes is another example. When there is no substitute for a product and it is necessary for everyday life it is inelastic. How about health care? Can we survive without a heart transplant, or a life saving operation?
Why is salt an example of inelastic demand?
Because it is a necessity to life, so it will be bought no matter the price.
What are examples of inelastic collisions?
objects go through deformation an example would be a car crash
The key factor that determines whether the supply of a good will be elastic or inelastic is .?
time
What are needed to determine the equilibrium price of a good or service?
Consumers have inelastic demand
