What is price inelastic?

Answer 1

If something is price inelastic, it means that its demand does not respond to changes in price. Such a good is probably a necessity which people will always purchase nomatter how much the price changes. The supply curve for a perfectly inelastic good will be vertical.

Answer 2

elasticity refers to either supply of demand. basically the price inelastic would mean that the price isn't responsive to either demand or supply. If its elastic then it is.

Answer 3

Price inelasticity means a change in price does not lead to as great a change in demand, if at all.

e.g. If the price of cigarettes go up, smokers will most likely continue to smoke.

Answer 4

Price elasticity measures the change in the demand for a good due a change in it's price.When we say that a good is perfectly elastic it means that a small change in the price of that good will result in a huge change in the demand for that good.An example of a perfectly elastic good would be meat.A perfectly inelastic good is a good who's demand doesn't change even if there is a huge change in it's price.An example of a perfectly inelastic good would be salt.

Answer 5

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Price inelastic demand means if price falls, the percentage increase in quantity demand will be smaller the percentage change in price. Farmer income will decline. At the same time, if income increase, people will not increase foods that much,but more luxury goods.

Answer 6

Price Inelastic