Can you name one inelastic good or service other than gasoline and tap water? How did...
Can you name one inelastic good or service other than gasoline and tap water? How did you determine it was a inelastic good or service?
Homework Answers
The term inelastic from the economist point of view is that when there is very little or no impact of price change in quantity demand
Inelastic is just the opposite of elastic quantity demanded
Inelastic can be of two types- perfect and relative one
In perfect inelastic, the change in quantity demand is zero
In relative, there is little change in quantity demanded for the price change
OTHER THAN TAP WATER AND GASOLINE
more examples can be electricity, basic clothing(like pants, shirts)
As these are not so much effect in quantity demand by the change in the price
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