How can we identify that something is elastic or inelastic, Microeconomics

How can we identify that something is elastic or inelastic? 

When demand of any commodity does not change with the change in price of that commodity that item is said by inelastic. When demand of any commodity alters with the change in price of that commodity that item is said by elastic. 

 

Posted Date: 8/2/2013 12:51:29 AM | Location : United States







Related Discussions:- How can we identify that something is elastic or inelastic, Assignment Help, Ask Question on How can we identify that something is elastic or inelastic, Get Answer, Expert's Help, How can we identify that something is elastic or inelastic Discussions

Write discussion on How can we identify that something is elastic or inelastic
Your posts are moderated
Related Questions
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Construct a table indicating the social expected loss corresponding to each combination of precaution choices by the two individuals. (ii) What is the socially efficient combinatio

explain how microeconomic and macroeconomic issues may be represented using the production possibility curve

choose a topic from microeconomics that matters to you and find a recent news article covering that topic?


Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest

What is Cost Push Inflation Cost Push Inflation :    When a cost of production (e.g. wages) enhances and firms put up prices to maintain profits. Cost increases may occur beca

A 1500 word research paper on the economic, social or environmental effects of the widespread use of robots in factories (this meets Learning Outcome 4)

how distribution is arranged to provide customer service

1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality. 2). The Prisoner's Dilemma Exercise: