ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. Unitary elasticity means that a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.

Detailed explanation-2: -An inelastic demand is one in which the change in quantity demanded due to a change in price is small.

Detailed explanation-3: -"Inelastic refers” to the static quantity of a good or service when its price changes. Inelastic demand means that when the price of a good or service goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged.

Detailed explanation-4: -Inelastic products are usually necessities without acceptable substitutes. The most common goods with inelastic demand are utilities, prescription drugs, and tobacco products. Businesses offering such products maintain greater flexibility with prices because demand remains constant even if prices increase or decrease.

Detailed explanation-5: -Inelastic demand in economics occurs when the demand for a product doesn’t change as much as the price. A steep demand curve graphically represents inelastic demand. The steeper the curve, the more inelastic the demand for that product or service is.