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inelastic is supply and demand trends. inelastic means the demand only slightly or never really changes. things like luxury items, sports cars, mansions, penthouse apartments, high class call girls, all of them stay at steady prices because the demand for them never changes.
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Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Are pharmaceutical products elastic?
They are likely to be inelastic meaning the demand for the products will not change in relation to price. This is because if consumers require medication then it is unlikely they will refuse to buy it based on a slight price increase
Products whose demand remains unchanged regardless of their price?
Such products have an inelastic demand.
What are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What is the influence of branding on price sensitivity?
The main purpose of branding products is to create relatively inelastic demand for the product
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Are pharmaceutical products elastic?
They are likely to be inelastic meaning the demand for the products will not change in relation to price. This is because if consumers require medication then it is unlikely they will refuse to buy it based on a slight price increase
Is the price and demand for junk food elastic or inelastic?
elastic
Products whose demand is price elastic and price inelastic?
product whose demand is elastic are jewells(gold,silver,platinum,dimond,etc) fuel(petrol,disel,kerosene,etc) sugar detergents soaps(washing and bathing) products whose demand is inelastic are salt fruits food and vegetables
When is price elasticity inelastic?
price elasticity=%change in quantity divided by %change in price it's inelastic when the absolute value of price elasticity is between 0 and 1
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
What is an example of an inelastic good?
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.
