What is inelastic demand?
An example of an AI chatbot conversation about inelastic demand in economics.
What is inelastic demand?
Inelastic demand refers to a situation where the quantity demanded of a good or service does not change significantly when its price changes.
Can you give me an example of inelastic demand?
Sure! A common example is insulin for diabetics. Even if the price increases, people still need it, so demand remains stable.
What factors contribute to inelastic demand?
Factors include the necessity of the product, lack of substitutes, and the proportion of income spent on the good.
How does inelastic demand affect pricing strategies?
Businesses may increase prices for inelastic goods without losing many customers, maximizing their revenue.
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