in economics if a good is inelastic consumers have lost interest in purchasing it producers have

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Anjali Kurse · Answer

All right, so let&#x27;s talk about anelastic demand with respect to price. Basically, what that mean

Jennifer Stoner · Answer

Inelastic demand exists when A, a small percentage decrease in price produces a smaller percenta

Sanchit Jain · Answer

Hello, friends, we need to write here quantity consumed of it, good is relatively unresponsive t

Lottie Adams · Answer

So what we&#x27;re taking a look at here is a potential scenario and what we&#x27;d like to do is determin

Banhishikha Sinha · Answer

So, as per demand law, quantity demanded is inversely proportional to the price for normal good,

In economics, if a good is inelastic, consumers have lost interest in purchasing it. producers have lost interest in manufacturing it. its supply or demand is too sensitive to price changes. its supply or demand is not sensitive to price changes.