If the price changes, there will be no change in the quantity demanded, and the perfect inelastic demand curve is vertical, elasticity is zero. In theory, this is true but in actual life i can’t see any goods that give clear example of perfect inelastic. Maybe perfect inelastic in theory only to cover all possible elastic hypothesis or maybe it is meant in case of limited price change level or acceptable price change level. Could you give me some example of perfect inelastic pls? Thank you.
There is nothing perfectly inelastic, if for no other reason than everyone has finite resources, but the usual examples are things like insulin. If you are diabetic, you take insulin or you die. That means you are pretty much inelastic until you die.
Hahahaha…JoeyDVivre You made me remember the way you explain me the meaning of the word “NICE”. Insulin is more suitable for something called “health elasticity of demand” i think.
heroin.
Nah - heroin is price elastic because at cheap prices people will smoke and snort it and these are people who would never inject it.
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