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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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Demand and its types?
Perfectly inelastic demand, perfectly elastic demand, elastic demand, inelastic demand etc.
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.
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 different types of demands?
Inelastic Demand & 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
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.
