--%>

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 : Substantial general training to certain

    When a firm gives substantial general training to specific workers: (i) it is probable to pay them a premium wage to cut labor turnover. (ii) the workers are likely to receive less pay than their VMPs after such training. (iii) the workers are most pr

  • Q : Marginal Productivity Theory The

    The economic theorist most famed for developing marginal productivity theory was: (1) Thorstein Veblen. (2) Karl Marx. (3) Alfred Marshall. (4) John Bates Clark. (5) Vilfredo Pareto. Can someone ex

  • Q : Perfectly supply of labor in

    The supply of labor within a perfectly competitive market is: (w) an upward sloping curve. (x) a horizontal line. (y) above the MRC. (z) below the MRC. Can someone explain/help me with best solutio

  • Q : Illustrates the term Demand Function

    Illustrates the term Demand Function?

  • Q : What are the characteristics of a

    What are the characteristics of a business cycle?

  • Q : Average rate of return in Human Capital

    This illustrated graph indicates that, there on average, rate of return to education is greatest for finishing the previous year of: (1) kindergarten, at point a. (2) grade school, at point b. (3) high school, at point c. (4) undergraduate college, at

  • Q : Define the term full cost concept

    Define the term full cost concept.

  • Q : Income effect by personal supply of

    A personal supply of labor is exemplified by an income effect which dominates the substitution effect if: (w) Trina retires to a beach condo after working for the city for 42 years. (x) members of a rock band give up touring for a yea

  • Q : Explain the business decision based

    Explain the business decision based upon income elasticity.

  • Q : Most valuable human capital The most

    The most valuable human capital onto the given list would be possessed through a person who: (w) inherited a great deal of money. (x) invested large sums on the stock market. (y) had an advanced degree in music education. (z) specialized like a medica