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Demand for insulin is inelastic because, regardless of how much the price of it increases, people with Diabetes will still need it to survive and will end up paying the price for it, whether it increases $20 or $50. When the price of insulin changes, there is little or no variance in the demand of it.
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∙ 7y ago
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Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
If a product has a inelastic demand a price increase will cause?
I assume you mean that the demand is inelastic? If so, then the consumer will buy the same amount and pay the higher price. The usual example of this would be insulin (assuming you need a fixed amount to live and there are no alternatives)
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Is the price and demand for junk food elastic or inelastic?
elastic
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.
If a product has a inelastic demand a price increase will cause?
I assume you mean that the demand is inelastic? If so, then the consumer will buy the same amount and pay the higher price. The usual example of this would be insulin (assuming you need a fixed amount to live and there are no alternatives)
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
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.
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Is the price and demand for junk food elastic or inelastic?
elastic
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.
What are the different types of demands?
Inelastic Demand & Elastic Demand
What is the fiscal policy?
What is inelastic demand
When a change in price does not lead to changes in demand the demand is called?
inelastic 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.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
