--%>

Define the inelastic demand

Define the inelastic demand.

E

Expert

Verified

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.

1846_Perfectly inelastic demand.png

   Related Questions in Managerial Economics

  • Q : Explain managerial economics as a tool

    Does managerial economics as a tool for decision making? Explain this term.

  • Q : Evan J Douglass definition of

    What is the Evan J Douglas’s definition of Managerial economics?

  • Q : Labor Supplies in Competitive Markets

    The individual firm in a purely competitive labor market: (1) faces a perfectly elastic supply of labor at the equilibrium wage. (2) faces a perfectly inelastic supply of labor at the equilibrium wage. (3) has a perfectly elastic demand for labor at t

  • Q : Problem of adverse selection Signaling

    Signaling may worsen the problem of adverse selection when: (w) potential agents do not transmit any types of signals. (x) job applicants increasingly signal with phony degrees. (y) employers discriminate on the basis of race or gender. (z) severe rec

  • Q : Initially purely competitive labor

    When this purely competitive labor market is firstly into equilibrium at D0L, S0L, raise in labor productivity will result within equilibrium being attained at: (w) D0L, S0L. (x) D1L, S0L

  • Q : Problem regarding Income and Demand

    When family incomes within the United States raised sharply and therefore, sales of cashmere sweaters improved enormously, in that case cashmere sweaters are: (1) luxury goods. (2) preferred to wool or cotton sweaters. (3) inferior goods. (4) prestige goods. (5) norma

  • Q : Define the term business forecasting

    Define the term business forecasting briefly.

  • Q : More productive firm for labor Workers

    Workers who keep their jobs will be more productive after firms adjust to raises in: (1) competition in an industry. (2) wages. (3) technological advances. (4) capital costs. (5) government regulation. Hey friends please give your

  • Q : What is social cost of production What

    What is social cost of production?

  • Q : Describe the Long term Demand

    Describe the Long term Demand Forecasting.