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The demand for beer is elastic.
Beer is not a necessity good and therefore demand is highly affected by price. A good demonstration of this is the heavy summer price competition between manufacturers and the popularity of discount brands.
It's regulated by state taxes.
Beer is elastic because it is not a necessity for survival and because there are many substitutes for beer (ie red wine, champagne), demand is highly affected by price changes.
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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.
Are laptop computers elastic or inelastic?
By it's strictest definition, laptops are not "elastic" because they cannot be stretched. In a broader sense, laptops are relatively inelastic because they lack the ability to be upgraded robustly.
What is inelastic demand and does salt cigarettes or biscuits have the most and why?
The concept of Inelastic Demand means that the goods are not responsive to any price changes. If we say a good faces an inelastic demand curve, this means that any price changes, increases or decrease will have little or no impact on the quantity demanded. For example, we can say that specific medication for certain illness can have an inelastic demand, as even if the price of the medication increases, there is little that the consumer can do, the consumer still needs to buy the medication, as he needs it. Hence little or no changes in the quantity demanded for the medication even if there are changes in the price. You need to understand that several factors can affect the elasticity of demand like time period, percentage of income spent on the good and the number of substitutes. To answer your 2nd question, Salt will have an inelastic demand. This is because there is not a lot of substitute to salt. Another reason is that people spend a small fraction of their monthly income on salt. Hence, any changes in the price of salt, will have little or no effect on the quantity demanded for salt. Cigarettes will have an inelastic demand as well. As there is little substitutes and also people can be addicted to it. While biscuits will have an elastic demand. There can be quite a number of substitutes to biscuits. If the price of biscuits increases, immediately consumers will reduce the demand of biscuits, and opt for substitutes.
How does the elasticity of the monopolistic competitor's demand curve compare to that of a pure competitor or a pure monopolist?
A monopolistic competitor's demand curve is less elastic than apure competitor's which is less elastic than a pure monopolist's.
What is the difference between elastic and inelastic collisions?
Elastic Collision is the collision in which colliding objects rebound without lasting deformation or heat generation.Inelastic collision is a collision in which the colliding objects become distorted and generate heat during collision and possibly stick together.
Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
Difference between elastic and inelastic demand?
difference between elastic and inelastic demand
Is the price and demand for junk food elastic or inelastic?
elastic
Is fruit elastic or inelastic demand?
elastic
Demand for wine is elastic or inelastic?
Highly elastic.
Different degrees of elasticity of demand?
Perfectly elastic demand. Relative elastic demand. Unit elasticity of demand. Relative inelastic demand. Perfectly inelastic demand.
Is oil as a commodity has elastic or inelastic demand?
elastic - also called transitory demand.
What are the different types of demands?
Inelastic Demand & Elastic Demand
Explain the different degree of price elasticity of demand?
1. perfectly elastic demand 2. perfectly inelastic demand 3.relative elastic demand 4. relatively inelastic demand 5.unitary elastic demand
What are the types of price elasticity of demand?
there are five types.1).perfect elastic demand,2)perfect inelastic demand,3).relatively elastic demand,4).relatively inelastic demand4).unity elastic demand
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.
If the elasticity equals 0 is demand perfectly elastic or perfectly inelastic?
it is perfectly inelastic
