Inelastic demand is when the quantity demanded for a good or service does not change much in relation to price changes. In other words, people are not very price sensitive and are willing to buy the same amount of the good or service, even if the price goes up.
What factors influence inelastic demand? :
Inelastic demand is when the quantity demanded for a good or service does not change much in relation to price changes. In other words, people are not very price sensitive and are willing to buy the same amount of the good or service, even if the price goes up.
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How does inelastic demand affect businesses? :
Inelastic demand is when the quantity demanded for a good or service does not change much in response to price changes. This means that businesses must be careful when setting prices, as small changes can have a large impact on revenue. In general, businesses prefer to have inelastic demand so that they can raise prices without losing customers.
What are some examples of inelastic demand? :
Inelastic demand is when the quantity demanded for a good or service does not change much in response to price changes. In other words, people are not very price sensitive and are willing to pay more for the good or service even if the price goes up.
Some examples of inelastic demand are:
– Necessities like food and water
– Services that people rely on, such as healthcare
– Goods or services with few substitutes
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