What is inelastic in economics?

Answer In economics, the concept of elasticity describes how the supply or demand for a particular good responds to a change in price. Inelastic goods show little response to price changes.IdentificationI... Read More »

Top Q&A For: What is inelastic in economics

Is sugar inelastic?

No, first of all it is not a necessity for life, second there are many substitutes for sugar therefore it is not inelastic.

How to Tell if the Demand Is Elastic or Inelastic?

Price elasticity of demand is a measure of how much the demand for a product or good changes when the price for the product or good fluctuates. It is possible to calculate the price elasticity of ... Read More »

Are Pampers Diapers Elastic or Inelastic?

Proctor and Gamble makes disposable diapers that contain elastic. Because of latex allergies, P&G uses only spandex elastic in all Pampers and Luvs diapers. The company has been using spandex elast... Read More »

What Are the Branches of Economics?

Economics is one of the basic core courses in almost all college degrees. It is the academic study of how money operates, and the interaction of money between consumer and business. Economics can ... Read More »