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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.
Wiki User
∙ 12y ago
Wiki User
∙ 9y agoAs a general concept demand increases or decreases depending whether the price of a product or service goes down or up. Elastic demand means that the demand for a product or service is very sensitive to any price changes. Inelastic demand refers to how demand for a product or service in not sensitive to any price changes.
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Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the price and demand for junk food elastic or inelastic?
elastic
Is fruit elastic or inelastic demand?
elastic
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Demand for wine is elastic or inelastic?
Highly elastic.
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Is the price and demand for junk food elastic or inelastic?
elastic
Is fruit elastic or inelastic demand?
elastic
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Demand for wine is elastic or inelastic?
Highly elastic.
What are the types of price elasticity of demand?
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
What are the different types of demands?
Inelastic Demand & Elastic Demand
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
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 the difference between elastic and inelastic?
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
