Why for some products you would not decrease purchases substantially even if prices go up and for some other products you would? Your initial reply should be no less than 200 words.? Reply
Why for some products you would not decrease purchases substantially even if prices go up and for some other products you would?
Your initial reply should be no less than 200 words.
Reply to at least two peers.
1. For certain products no matter if the price increases or decreases the purchased quantity stays around the same due to the product being known as inelastic demand, what this means is that these are static products or services that despite the price the demand will in most cases stay the same. A big example of inelastic demand for a product is prescription drugs, no matter what the cost people still need this product because it either helps the consumer to get well or helps them to maintain their lifestyle without worry, these products will always have a demand and will never truly decrease their quantity needed or bought due to the demand never changing. Another example of an inelastic product is gas, recently gas prices have been very unpredictable and changing like the weather one day the prices are decreasing and the next they are sky high again but just like prescription drugs, gas is what helps people get around, and makes their car go, and despite the changing prices people will always pay for it because they need it in day to day life. Inelastic demand is only applied to certain products however elastic demand is when a product quantity will decrease as the price decreases because there is a drop in demand for those elastic-demand products and that is why for some products quantity never decrease due to prices increasing.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.