Make a list of products for which you think demand is price inelastic and price elastic .

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Solution

Price inelastic – a change in price causes a smaller % change in demand.

Price elastic – a change in price causes a bigger % change in demand

Inelastic

Petrol ,salt , Monopoly goods ,LPG,tap water, diamond ,cigarette

Elastic

soup , bread ,biscuit , chocolate,porshe car,food items ,Rice ,Barley etc.

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make a list of products for which you think demand is price inelastic and price elastic . specify the reason you may think relevant for your analysis

Experts please can I get a help for my economics project .

Topics are -

1) make a list of products for weight you think demand in price inelastic and price elastic . Specifying the reason you may think relevant for your analysis.

2) Develop a hypothetical table at information for coffee that shows quantity demanded at various price and supply of coffee at this price . Draw a demand curve and supply curve and show and equilibrium price at which market is cleared of its supply.

Q. A demand is price inelastic, which means?

Q. State whether the following statement are TRUE and FALSE.

1. Demand for luxuries is elastic.

2. Perfectly inelastic demand curve is parallel to the X axis.

3. Total outlay is price multiplied by quantity.

4. Unitary Elastic Demand rarely occurs in practice.

5. Concept of Elasticity of Demand is useful for finance minister.

Show with the help of a diagram, the effect on equilibrium price and quantity when:
(i) Demand is perfectly elastic and supply decreases.
(ii) Supply is perfectly inelastic and demand increases.
(iii) The demand curve is perfectly elastic and the supply curve shifts outwards.

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