Inelastic demand does not exist for many products. A life-saving drug is one example of a product for which there would be inelastic demand. Such demand would exist for that particular product because people would pay the cost no matter how high it was and as such the manufacturer could cha...
An inelastic demand is demand for a product that does not fluctuate on the basis of price and supply. Unlike most other types...
The elasticity of demand is the response of the consumers to change in the independent variable. In the case of demand, the independent variable could be the price of the product or the income of the consumer. Some factors that affect elasticity are, nature of the commodity, avai...
demand is said to be inelastic if a,buyers respond substantially to changes in the price of the good. b,demand shifts only slightly when the price of the good changes. c,the quantity demanded changes only slightly when the price of the good changes. d,the price of the good responds only...
When we speak of perfectly inelastic supply, the curve is a straight line which is parallel to the Y-axis. This means that no matter what the price and no matter what the demand at any given moment in time, the amount of the goods or service that is supplied will be exactly the same...
An inelastic demand is demand for a product that does not fluctuate on the basis of price and supply. Unlike most other types...