Inelastic Supply Examples Economics
On the other hand the less discretionary a good is the less its quantity demanded will fall.
Inelastic supply examples economics. In economics elasticity is the measurement of how an economic variable responds to a change in another. It gives answers to questions such as. Housing seems to have an inelastic supply as people are still buying expensive homes and even when they arent homes are still being built. But there are some products that come close to being perfectly inelastic.
Take gasoline for instance. These prices change frequently and if the supply drops prices. In microeconomics supply and demand is an economic model of price determination in a market. It postulates that holding all else equal in a competitive market the.
An economic situation in which the price of a product will have no effect on the supply. In a perfectly inelastic situation regardless of the amount of a product on. Understand that the key characteristic of oligopoly is interdependence apply game theory to examples and accurately draw the kinked demand curve. Watch the video here.
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