The supply of labor can be elastic if the labor requires very little expertise or training. Meaning picking up a day laborer to do the job doesn't require any time wasted or money wasted. If the laborer requires training or education then the labor could be inelastic meaning time and money will be lost waiting for the new laborer to become trained.
Elastic demand is essentially when something it a luxury, hence it can become less when price increases eg. that last piece of choc cake that you would normally buy, you decide not to, whereas the inelastic demand generally refers to a product/service that is essential or a necessity so as the price increases the consumption should remain the same regardless of price increase. for instance you need a loaf of bread, your going to buy it regardless of increase. there is the process of substitution, by which the inelastic demand could be switched to a cheaper brand, so say you want beans for your bread, you opt for the half price 10p special rather than your usual choice of heinz's best recipe. Hope this helps!
A monopoly produces at the elastic portion of the demand curve. If producing at the inelastic portion of the deman curve, the monopoly could lower the quantity produced and raise the price to achieve more total revenue.
Secondary education became more widespread due to advancements in technology, increased demand for skilled workers in a knowledge-based economy, and government policies aiming to promote universal access to education for all individuals. Additionally, the recognition of the importance of higher education in improving job prospects and social mobility has also contributed to the increased enrollment in secondary education.
The most marketable master's degree in teaching in Europe varies depending on the country and specific education system. Generally, degrees in special education, STEM education, and language education tend to be in high demand. It's recommended to research the specific job market and requirements in the country where you plan to work.
Forecasting can help individuals make informed decisions about their education by providing insights into future economic trends, skills in demand, and job opportunities. By utilizing forecasting data, individuals can align their education and training with future market needs, increasing the likelihood of successful career outcomes.
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
difference between elastic and inelastic demand
elastic
elastic
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Highly elastic.
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
Inelastic Demand & Elastic Demand
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
it is perfectly inelastic
Demand is unit elastic.