Define the inelastic demand
Define the inelastic demand.
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Perfectly inelastic demand:
In this case, even a huge change in price fails to bring regarding a change in quantity demanded. It is the change in price will not influence the quantity demanded and quantity remains similar whatever the change in price. Now there demand curve will be vertical line as given and ep= 0.
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demand function is: QY = -8,000 - 5,000PY + 192A + 120I + 2,000PX (6,000) (1,000) (120) (80) (800) R2 = 91% Here QY is quantity (measured in units) of Product Y demanded in the current period, A is hundreds of dollars of advertising ($00), I is thousands of dollars of disposable income per ca
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