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elasticity is the measure of how the quantity supplied of a good or service changes in response to price.
therefore, inelasticity would be products that require producers to invest large sums of money in order to produce them.
So when the demand for a product is inelastic, it means it doesnt change prices, or it is something that we will always need, such as oil. We will always need gas for our cars, no matter what.
Where a demand for the product doesn't change as much in its price. As an example, petrol. Those with cars will need to buy petrol to get to work. I hope that makes sense. I don't think it does but you can look it up online since it has a lot of information on it.
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What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
When a product is in demand what happens to the demand curve?
the market demand for the product. undefined. more inelastic than the market demand for the product. more elastic than the market demand for the product
If a price increase has little or no effect the demand for the product is?
When a price increase has little or no effect on the demand for a product, it is inelastic.
If the prices have a little effect on the quantity of a product demanded the product is said to have?
inelastic demand
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
What is meant by price inelastic?
Price inelastic means that the supply or demand of a product or service is unaffected by any changes in the price.
Inelastic demand curve?
Inelastic demand means a situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price. From the supplier's viewpoint, this is a highly desirable situation because price and total revenue are directly related; an increase in price increases total revenue despite a fall in the quantity demanded. An example of a product with inelastic demand is gasoline. Refer to link below.
If a product has a inelastic demand a price increase will cause?
I assume you mean that the demand is inelastic? If so, then the consumer will buy the same amount and pay the higher price. The usual example of this would be insulin (assuming you need a fixed amount to live and there are no alternatives)
How does monopoly control the price of its product?
faces a demand curve that is inelastic throughout the range of market demand. faces a perfectly inelastic demand curve. is a price maker. is also able to dictate the quantity purchased
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
What is the difference elastic and inelastic demand?
Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people. Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.
