May 4, 2014
Aug 19, 2015
The most famous example of relatively inelastic demand is that for gasoline. ...
Jul 12, 2004
If you were planning to have a pizza for dinner and saw a sign in your favorite
pizza restaurant that read, 'Due to increases in the cost of cheese - all
May 16, 2016
Feb 28, 2008
Goods that are inelastic, show little response in the quantity demanded to a
change in price.
Examples of elastic goods are coffee, airline tickets and stocks. Examples of
The degree to which a demand or supply curve reacts to a change in price is the
Basic necessities and medical treatments tend to be relatively