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Will products that are very important to us and that have no close substitutes have elastic or inelastic demand?
Products that are very important to us and have no close substitutes typically exhibit inelastic demand. This means that consumers will continue to purchase these products even if prices rise, as there are no alternatives available that can satisfy their needs. The necessity and lack of substitutes lead to a smaller change in quantity demanded in response to price changes.
What else can I help you with?
Why gasoline is inelastic?
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.
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 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 price and demand for junk food elastic or inelastic?
elastic
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
Beef poultry and dairy products are they elastic or inelastic?
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.
Why gasoline is inelastic?
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.
Is gasoline a commodity price elastic or price inelastic?
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.
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 the difference between inelastic and elastic goods?
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 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.
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.
Is the price and demand for junk food elastic or inelastic?
elastic
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
What factors tend to make demand curves more price elastic?
Close substitutes, increased income, luxury goods, time. Addiction makes demand less elastic, (inelastic) ex. Cigarettes. As time increases more substitutes become available.
Is supply for bar soap inelastic or elastic?
is soap elastic or inelastic supply
Is a BMW an elastic or inelastic?
elastic
