elastic
elastic
Price inelastic
An elastic item benefits from price decreases whereas an inelastic item does not.
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
elastic
elastic
Price inelastic
An elastic item benefits from price decreases whereas an inelastic item does not.
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
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.
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.
product whose demand is elastic are jewells(gold,silver,platinum,dimond,etc) fuel(petrol,disel,kerosene,etc) sugar detergents soaps(washing and bathing) products whose demand is inelastic are salt fruits food and vegetables
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.
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.
The midpoint between elastic and inelastic is unit elastic