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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 are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
Products whose demand is price elastic and price inelastic?
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
What type of demand does salt and television and food grains have?
I would say that salt and food grains have an inelastic demand and television has an elastic demand.
Is the price of any good inelastic or elastic?
The price elasticity of demand for a good can vary based on several factors, including the availability of substitutes, necessity versus luxury status, and the time frame considered. Goods that are necessities, like food and medicine, tend to have inelastic demand, meaning their consumption doesn't change much with price fluctuations. Conversely, luxury items or goods with many substitutes typically exhibit elastic demand, where price changes significantly affect consumption. Ultimately, whether a good is elastic or inelastic depends on consumer behavior and market conditions.
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 are examples of five products whose demand is price elastic and five products whose demand is price inelastic?
narcotics, food, gas
What Distinction between price elastic and price inelastic?
Elasticity is "a measure of responsiveness that tells us how a dependent variable such as a quantity responds to a change in an independent variable such as price." Basically, that means that elastic product's demand is affected by price and an inelastic product's demand is unaffected by price.For example: if a product is elastic, the price goes up and demand goes down, or the price goes down and demand goes up. Examples are electronics, candy and junk food, and even cars.If a product is inelastic, the demand will stay the same no matter the price. Examples are medical supplies.
Products whose demand is price elastic and price inelastic?
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
What are examples of products with elastic and inelastic demand?
Products with elastic demand include luxury items like designer clothing or high-end electronics, where a price increase can significantly reduce quantity demanded. In contrast, inelastic demand is characteristic of essential goods such as medications or basic food items, where consumers will continue to purchase relatively unchanged despite price fluctuations.
What type of demand does salt and television and food grains have?
I would say that salt and food grains have an inelastic demand and television has an elastic demand.
Is the price of any good inelastic or elastic?
The price elasticity of demand for a good can vary based on several factors, including the availability of substitutes, necessity versus luxury status, and the time frame considered. Goods that are necessities, like food and medicine, tend to have inelastic demand, meaning their consumption doesn't change much with price fluctuations. Conversely, luxury items or goods with many substitutes typically exhibit elastic demand, where price changes significantly affect consumption. Ultimately, whether a good is elastic or inelastic depends on consumer behavior and market conditions.
When a product is known to have an 'elastic demand' it means?
When a product has elastic demand it means that a change in price will have a subsequent change in price. An example of an elastic good is a fuji apple. If the prices of fuji apples increase, then consumers will buy a substitute, like a pear instead. Say we are given a good, like food (in general), this product would be inelastic. Even a large increase in price would could little change in demand because people need this good.
Why are some goods inelastic and some goods elastic?
Goods are classified as elastic or inelastic based on the sensitivity of their demand to price changes. Elastic goods, such as luxury items, have many substitutes and are more responsive to price changes, meaning a small price increase can lead to a significant drop in quantity demanded. In contrast, inelastic goods, like essential items (e.g., food, gasoline), have fewer substitutes and are less sensitive to price changes, so a price increase does not significantly reduce the quantity demanded. Factors such as necessity, availability of substitutes, and consumer preferences play key roles in determining elasticity.
Is rice production consider as Inelastic demand or elastic demand?
Production itself cannot have inelastic demand, only supply. I will look at both cases. The demand for rice as a good is very inelastic. This is because people will buy rice no matter the price, because in many places of the world, it is their main source of food. Recently rice as skyrocketed in price (resulting in riots in places), but people still buy it. This is mainly out of necessity, but alternatives are emerging. The elasticity of supply is also inelastic, as we are looking at a huge rise in prices, but a very small change in production.
What is elasticity of demands?
How much demand of a product goes up or down depending on the price. Elastic demand changes greatly as price changes - for normal goods, as the price goes up, demand drops. Demand for things like non-staple food - like cookies - is elastic. If cookies cost 50 cents a box, there might be huge demand for them. But if that price goes to $10 a box, if the price were elastic, the demand would be much lower. For an inelastic demand curve, people's demand changes little as prices change. THese are goods for which there are few substitutes. Things like gasoline have relatively inelastic demand curves - people will slow down their use/demand of gasoline a bit as prices go up, but a certain level of gasoline consumption is going to exist regardless of price. People are simply going to pay what they have to to get it.
Why Bread is elastic or inelastic?
Bread is generally considered to be inelastic in demand because it is a staple food item that people need for their daily nutrition. Even if the price of bread increases, consumers are likely to continue purchasing it because there are few substitutes that can fulfill the same dietary role. However, the level of elasticity can vary depending on the type of bread and consumer preferences, as some specialty breads might have more elastic demand. Overall, essential goods like bread tend to show inelastic demand characteristics.
