Commodities of inelastic demand
Which of the given commodities contain inelastic demand? A) Salt B) A particular brand of lipstick C) Medicines D) Mobile phone E) School uniform
Expert
Salt, medicines and school uniform encompass inelastic demand. The cause being that a consumer has to purchase such commodities even via price of such commodities changes.
Even a substantial modification in price leaves the demand unaffected.
In drawing the production possibilities curve we assume that: 1) technology is fixed. 2) unemployment exists. 3) economic resources are unlimited. 4) wants are limited.
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Normal goods: Normal goods are such goods whose demand increases with the increase in income of consumer.
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