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What products have inelastic supply and inelastic demand?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of...
elasticity is the measure of how the quantity supplied of a good or service changes in response to price.therefore, inelasticity would be products that require producers to invest large sums of money...
Gasoline is a really good example. When gasoline prices dip, everyone drives in to fill up their tank. In this case, when price drops slightly, quantity purchased jumps drastically. Although people...