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Price elasticity of demand (PED) is defined as the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity. It is a measure of how consumers react to a change in price. Oil is inelastic, as it has few substitutes and the product is considered a necessity.
What else can I help you with?
Is elastic is made of oil?
Elastic is typically made from a synthetic rubber called polyurethane, not oil. However, oil-based products are used in the production of synthetic rubber, so technically there is some connection to oil in the manufacturing process of elastic.
Is elastic made from oil?
Elastic is typically made from synthetic materials like rubber or spandex, which can be derived from petroleum products. So, indirectly, elastic can be linked to oil through its production process.
What is one word for elastic and non-elastic properties?
"Flexibility" is one word that encompasses both elastic and non-elastic properties.
When was An Elastic Affair created?
An Elastic Affair was created in 1930.
What is the difference between elastic force and elastic potential energy?
Elastic force is the force exerted by a stretched or compressed elastic material to return to its original shape. Elastic potential energy is the energy stored in an elastic material when it is stretched or compressed. The elastic force is responsible for restoring the material to its original shape, converting the stored elastic potential energy back to kinetic energy.
Is elastic is made of oil?
Elastic is typically made from a synthetic rubber called polyurethane, not oil. However, oil-based products are used in the production of synthetic rubber, so technically there is some connection to oil in the manufacturing process of elastic.
Is elastic made from oil?
Elastic is typically made from synthetic materials like rubber or spandex, which can be derived from petroleum products. So, indirectly, elastic can be linked to oil through its production process.
Can sodium be elastic?
No sodium is not elastic but cod fish oil and some thing else that starts with a c
Can be stretched and then return to its own shape?
elastic
What is the suffix for elastic?
suffix for elastic
Why is Elastic Clause called Elastic Clause?
It is called Elastic Clause because it can be stretched like elastic.
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.
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
Is lay taxes elastic enumerated or denied?
elastic clause ~smooched~
Is a BMW an elastic or inelastic?
elastic
What is one word for elastic and non-elastic properties?
"Flexibility" is one word that encompasses both elastic and non-elastic properties.
What are the types of supply elasticity?
Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply
