Think of two goods for which demand is inelastic with respect to price. Do producers prefer...
Think of two goods for which demand is inelastic with respect to price. Do producers prefer products for which demand is more elastic or less elastic? Discuss.
Homework Answers
Answer : Inelastic goods are those in which quantity demanded has been not affected by the price of the good. The example are Gasoline , Salt and Cigarettes etc. As these goods are irrespective of the price.
In order to earn more revenue , producer should always prefer a product which has demand elastic because as price has been flucates than it has been resulted in higher revenue. If the demand is inelastic than it should resulted in less flucations and lower revenue has been earned by them.If demand is inelastic than it should resulted in less flucations.As demand elastic than it should resulted in preference of the product.
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Think of two goods for which demand is inelastic with respect to
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Which ones make goods and services more elastic and which ones make
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