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Is demand elastic or inelastic for fresh fruits and vegetables?
Demand for fresh fruits and vegetables is generally considered to be elastic. This means that consumers are sensitive to price changes; if prices rise, they may reduce their consumption or switch to substitutes. However, the elasticity can vary based on factors such as the type of fruit or vegetable, seasonality, and individual consumer preferences. In times of health awareness or dietary trends, demand can become less elastic as consumers prioritize nutrition.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
What factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
What is an example of a product that is not elastic?
A product that is "not elastic" is considered "inelelastic." More precisely, we say that DEMAND for the product is elastic or inelastic (a good example of an"elastic product" is a rubber band, but that is to say nothing of its demand.Inelastic goods tend to fall into a few categories. They may be goods which have few close substitutes. This means that broadly defined goods tend to have less elastic demand than narrowly defined goods. For example, "vegetables" have less elastic demand than "broccoli," because if the price of broccoli goes up, we can easily switch to cauliflower or asparagus. Likewise, "vegetables" have more elastic demand than "food." When vegetables are more costly, we can stock up on grains or fruits (but probably won't switch to more meats, since they tend to be more expensive already). If the price of food goes up, we will simply pay it if we can. Thus, "food" is a relatively inelastic good.Another category of goods with inelastic demand is goods whose cost represents a small portion of our budgets. Salt is a great example. If the cost of salt doubles from $1 to $2, we are unlikely to cut our consumption in half. We may not even notice.
Is demand elastic or inelastic for fresh fruits and vegetables?
Demand for fresh fruits and vegetables is generally considered to be elastic. This means that consumers are sensitive to price changes; if prices rise, they may reduce their consumption or switch to substitutes. However, the elasticity can vary based on factors such as the type of fruit or vegetable, seasonality, and individual consumer preferences. In times of health awareness or dietary trends, demand can become less elastic as consumers prioritize nutrition.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
When demand is elastic?
The demand is elastic when the price is low. So people will buy more good so that it's demand will become more elastic. Moreover ,the demand is elastic when there are some new inventions.
What factors determine whether a product has elastic, inelastic, or unit-elastic demand in the market?
The factors that determine whether a product has elastic, inelastic, or unit-elastic demand in the market include the availability of substitutes, the necessity of the product, the proportion of income spent on the product, and the time frame considered.
When a firm's marginal revenue is zero what can be said about the elasticity of demand for the output of the firm A. Demand is inelastic. B. Demand is elastic. C. Demand is unit elastic.?
Demand is unit elastic.
Is the demand for insulin elastic or inelastic?
The demand for insulin is considered inelastic, meaning that changes in price do not significantly affect the quantity demanded.
What is an example of a product that is not elastic?
A product that is "not elastic" is considered "inelelastic." More precisely, we say that DEMAND for the product is elastic or inelastic (a good example of an"elastic product" is a rubber band, but that is to say nothing of its demand.Inelastic goods tend to fall into a few categories. They may be goods which have few close substitutes. This means that broadly defined goods tend to have less elastic demand than narrowly defined goods. For example, "vegetables" have less elastic demand than "broccoli," because if the price of broccoli goes up, we can easily switch to cauliflower or asparagus. Likewise, "vegetables" have more elastic demand than "food." When vegetables are more costly, we can stock up on grains or fruits (but probably won't switch to more meats, since they tend to be more expensive already). If the price of food goes up, we will simply pay it if we can. Thus, "food" is a relatively inelastic good.Another category of goods with inelastic demand is goods whose cost represents a small portion of our budgets. Salt is a great example. If the cost of salt doubles from $1 to $2, we are unlikely to cut our consumption in half. We may not even notice.
Is the demand for electricity elastic or inelastic?
The demand for electricity is generally considered to be inelastic, meaning that changes in price do not significantly affect the quantity demanded.
Is fruit elastic or inelastic demand?
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
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Is it true that the demand curve is elastic in this region?
Yes, the demand curve is elastic in this region.
