The demand for salt is relatively price inelastic, while the demand for pretzels is relatively price elastic.?
That's interesting. So what's the question?
What is an example something with an inelastic price?
A2APresuming you know the definition of perfectly inelastic supply, here is the example.But here's a catch, there might be different examples based on the time span, that is, short run or long run.In short run, examples are gasoline, daily need fruits, vegetables and food items. Whatever the price maybe, the seller has to supply the point because they are necessary items.Also, electricity is an example. If demand increases, in short run, supply cannot be increased.In long run, example of a perfectly inelastic supply would be a rare book merchant who holds three copies of original Shakespeare manuscripts and needs to sell them before her shop goes out of business.Since shakespeare is no longer alive, there can be no more new original Shakespeare manuscripts, and the merchant has no ability to change the supply of manuscripts in the shop. In this scenario, the merchant is compelled to sell these manuscripts, regardless of demand or price considerations, because failing to do so would only lead to larger losses.—Enjoy!
What is the inelastic demand and compare it with perfectly inelastic demand?
Inelastic demand - When percentage change in quantity demanded is less than percentage change in price , then demand for such a commodity is said to be inelastic.Here's answer of this question:
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