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Corn, like many food items is (relatively) inelastic. Many people will continue to buy it regardless of price, as they need it for sustenance.
Actually, corn pricing is quite elastic, since the demand for corn encompasses at least five major purposes: human foodstuffs (excluding sweetners), food sweeteners, animal fodder, biofuels, and plastics-substitutes.
Corn, while a core staple of many diets, is quite replaceable by other grains, and thus, demand for corn for human consumption can often be satisfied by wheat or barley or rice instead.
Corn pricing has thus historically been quite elastic, with demand changing quickly depending on other substitute's pricing and new uses for corn. The elasticity of corn pricing is shown by the large change in demand when prices change in each of its primary markets: foodstuff corn demand is offset by foodstuff grain demand as corn prices increase; sweetener corn demand is offset by sugar demand; animal fodder demand is offset by hay, grains and synthetics; biofuel corn is replaced by grain or non-organics; and petrochemical platistics replace corn plastics.
In each of these cases, there is a ready source of alternative, which is at least reasonably comparable in pricing; thus, changes in corn's pricing directly effect the demand for corn, as people either chose the alternative more (when corn's price goes up), or chose corn over the alternative (as corn's price decreases).
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Is the price and demand for junk food elastic or inelastic?
elastic
Is the NHS as a service price elastic or inelastic?
elastic
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What are the differences between an elastic and inelastic item?
An elastic item benefits from price decreases whereas an inelastic item does not.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
Is the price and demand for junk food elastic or inelastic?
elastic
Is the NHS as a service price elastic or inelastic?
elastic
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What are the differences between an elastic and inelastic item?
An elastic item benefits from price decreases whereas an inelastic item does not.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
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.
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
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 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 bread elastic or inelastic?
Inelastic It is inelastic because it is a necessity, which is a factor that determines price elasticity, bread is a staple diet around the world which makes it a need and therefore a necessity which is inelastic.
What will be the total higher quantity do in the elastic inelastic and unit-elastic?
The midpoint between elastic and inelastic is unit elastic
Distinguish between elastic and inelastic 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.
