Is ballpen elastic or inelastic?

(a) Ballpoint pens: The price elasticity of demand of ballpoints pens tends to be elastic.

Which of the following would have inelastic demand?

The most common goods with inelastic demand are utilities, prescription drugs, and tobacco products. In general, necessities and medical treatments tend to be inelastic, while luxury goods tend to be the most elastic. Another typical example is salt.

Why do suppliers want to create more inelastic demand relationships in the products that they sell?

An attachment to a certain brand (either out of tradition or because of propriety barriers) can override sensitivity to price changes, resulting in more inelastic demand. States that there is a positive relationship between the quantity that suppliers are willing to sell and the price level.

Which of the following is correct if the demand for a product is inelastic?

Which of the following is correct? If the demand for a product is inelastic, a change in price will cause total revenue to change in the same direction. The price elasticity coefficient applies to demand, but not to supply.

What is elasticity demand example?

Elastic Demand These are items that are purchased infrequently, like a washing machine or an automobile, and can be postponed if price rises. For example, automobile rebates have been very successful in increasing automobile sales by reducing price. Close substitutes for a product affect the elasticity of demand.

Which five products are the most inelastic?

Examples of price inelastic demand

• Petrol – petrol has few alternatives because people with a car need to buy petrol. For many driving is a necessity.
• Salt.
• A good produced by a monopoly.
• Tap water.
• Diamonds.
• Peak rail tickets.
• Cigarettes.
• Apple iPhones, iPads.

Which of the following is likely to have the most price inelastic demand?

The answer is b. toothpaste.

What is demand inelastic?

An inelastic demand is one in which the change in quantity demanded due to a change in price is small. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price.

What is point elasticity of demand in economics?

Point elasticity of demand is the ratio of percentage change in quantity demanded of a good to percentage change in its price calculated at a specific point on the demand curve.

What is an example of perfectly inelastic demand?

Elasticity of Demand An example of perfectly inelastic demand would be a lifesaving drug that people will pay any price to obtain. Even if the price of the drug would increase dramatically, the quantity demanded would remain unchanged.

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