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Elastic if there are substitutes which is unlikely but possible as green energy is a growing market Inelastic if there are no substitutes which is mostly the case as in the case of oil, the price is set by the supplier and the consumer relies heavily on it.
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
elastic
The midpoint between elastic and inelastic is unit elastic
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
They are separate in nature so you must separate them into different elasticities. Beef is elastic because there are close substitutes. Dairy is currently inelastic because substitutes are not as available, however recently items such as soy and almond milk are impeding on this market and if these items create a close substitute good , then demand will be elastic.
Elastic if there are substitutes which is unlikely but possible as green energy is a growing market Inelastic if there are no substitutes which is mostly the case as in the case of oil, the price is set by the supplier and the consumer relies heavily on it.
Elastic if there are substitutes which is unlikely but possible as green energy is a growing market Inelastic if there are no substitutes which is mostly the case as in the case of oil, the price is set by the supplier and the consumer relies heavily on it.
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
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.
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.
what is elastic and inelastic collision what is elastic and inelastic collision what is elastic and inelastic collision
elastic
The midpoint between elastic and inelastic is unit elastic
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
is soap elastic or inelastic supply
elastic