What does it mean by inelastic supply

Q: how does this impact the demand

A: In economics, the term "demand" refers to a consumer's willingness to pay a specific price for goods…

Q: elasticity important in the analysis of the market?

A: Price has an inverse relationship on quantity demanded.

Q: How can you make use of the learning about Elasticity of demand in real life?

A: Meaning of Price Elasticity of Demand: The term price elasticity of demand refers to the…

Q: What is elastic demand? What is inelastic demand?

A: When the initial price is high and the initial quantity is low, the percentage change in quantity…

Q: Utility companies routinely ask state commissions for permission to raise untility rates. What does…

A: The companies that offer public utility services like electricity service, water etc are said to be…

Q: Is the elasticity constrant along the demand curve? Explain

A: A demand curve is a visual representation that shows the relationship between prices and quantity…

Q: explain the concept of inelastic demand while cproviding an example

A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: effective demand

A: Demand shows the relationship between the price and quantity demanded of a commodity at a particular…

Q: What happen if Demand of petrol is higher than Supply. Make answer in 1 paragraph

A: Equilibrium refers to a situation of rest where the market forces coincide which each other and…

Q: Discuss the possible reasons for the variations in elasticity of demand

A: The elasticity of demand refers to the degree of responsiveness in the change in quantity demand due…

Q: what does it mean for cross price elasticity of demand when it equals to infinity?

A: Cross price elasticity of demand is the ratio of proportionate change in demand of a good with…

Q: Describe the different types of elasticity of demand and provide an example of each.

A: Elasticity of demand states that percentage change in quantity demanded due to percentage change in…

Q: What is the formula for the income elasticity of demand?

A: Definition: Income elasticity of demand- Income elasticity of demand (eQ,I) is defined as the…

Q: what is price elasticity of demand

A: Price elasticity of demand is defined as the sensitiveness to the pricing and the good demand for…

Q: What is the difference between the cross price elasticity of demand and the own price elasticity of…

A: Own price elasticity of demand refers to the ratio of percentage change in quantity demanded and…

Q: Derive a formula of elasticity of demand with respect to changes in  prices?

A: Demand is desire backed by ability to pay and willingness to buy. When there is increase in price…

Q: What is the nature of elasticity?

A: Elasticity is an economic measure of how sensitive an economic factor is in response to another…

Q: What is the relationship betweensupply and demand?

A: In economic theory the law of demand and supply are considered to be one of the fundamental…

Q: What are the conditioning factors of elasticity?

A: Elasticity is nothing but a measurement of responsiveness of one factor to another. For example…

Q: Describe and briefly explain the importance of the concept of elasticity.

A: Meaning of elasticity   Elasticity is an Cocept which is used to see the change in Quantity in…

Q: What is the "Price Elasticity of Demand" and what is its role in Microeconomics?

A: Price elasticity of demand: It measures the percentage change in the quantity demanded for a 1%…

Q: why is the concept of elasticity important

A: The concept of elasticity is widely used in making economic analysis when two goods are related to…