Perfectly Inelastic Demand Curve
At the extremes a perfectly elastic curve will be horizontal and a perfectly inelastic curve will be vertical.
Perfectly inelastic demand curve. A situation that occurs when the overall consumer requirements for a particular good or service do not vary when its price changes. A business that produces a good. 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 economics elasticity is the measurement of how an economic variable responds to a change in another. It gives answers to questions such as. In economics the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and.
The price elasticity of demand for gasoline would a gasoline tax cause people to buy less gas. Price elasticity of demand ped is a key concept and indicates the relationship between price and quantity demanded by consumers in a given time period.
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