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
Consider that the government tells a large monopolistic firm that maximizes profits that it has to pay a fee to the Reelect the President Committee same to one third of its total p

Hi, My Econ prof gives out a sample exam two days before we take the real exam. If I were to submit the sample exam to you, how long would it take to get the answers back?


Indifference curves present all possible combinations of market baskets that give the similar level of satisfaction to a person. Indifference Curves 1. Indifferen

What are the main causes of unemployment? Two main paths are available; demand-deficient unemployment and real wage unemployment. After explaining unemployment (percentage o

if the inverse demand curve is p=120-Q and the marginal cost constant at 10, how does the monopoly a specific tax of 10 per unif affect the monopoly optimum and welfare of consumer

Shifts in Supply and Demand When supply and demand vary at the same time, the impact on the equilibrium price and quantity is known by: 1. The shape of the supply and dema

explain consumer equilibrium diagrammatically as well mathematically by using necessary and sufficient conditions