I am working on a study guide for a test that is this Thursday. I came across three words that the book did not list definitions for. So that prompted to come on here and get the definition this way. The first word I need a definition for is "Market Demand", do you know what that is/means? The second word is "Inelastic Demand", do you know what that is/means? And the third and final word I need a definition for is "Elastic Demand", do you know what this/means? If you do, please tell me! I appreciate any help you can give me!!! Thank you in advance!
2007-09-10 14:56:48 · 5 answers · asked by Anonymous in Education & Reference ➔ Homework Help
Market demand - total demand for a product/service over a specific time
Elastic demand refers to a consumers greater or lesser demand for a certain product/service in reverse proportion to changes in price - i.e., they'll buy more if the price goes down, less if the price goes up.
Inelastic demand refers to the consumer's need for a certain amount of a product/service no matter what the price (food, energy, etc.) The consumer needs a certain amount no matter what and can't buy proportionately more or less simply because the price goes up or down. If the price goes up 75%, they can't just buy 75% less. By the same token, they probably won't buy 50% more if the price goes down 50% since they don't need that much.
2007-09-10 15:13:00 · answer #1 · answered by buz 7 · 0⤊ 0⤋
And you can't be bothered to look up the definitions online. Boy, being a student is sooooo hard!
"Market demand" is just "demand": that is willing buyers who are able to buy goods or services that are available for purchase.
"Inelastic demand" means the willingness to buy a good or service changes little as the price goes up.
"Elastic demand" means the amount of a good or service sold depends on its price. As the price goes up, the number of units sold goes down.
2007-09-10 15:06:53 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
Market demand: Availability(supply) and promotion (advertising) sets demand
Inelastic Demand: Demand does NOT CHANGE as price moves--example-gasoline
Elastic Demand--demand changes as price moves up or down example-certain types of automobiles
2007-09-10 15:03:48 · answer #3 · answered by Mike 7 · 0⤊ 0⤋
It all starts at 4:20
2016-05-21 14:29:34 · answer #4 · answered by ? 2 · 0⤊ 0⤋
market demand is the demand curve for general supply/demand
inelastic demand means demand doesn't vary much depending on price. e.g. necessities e.g. gas, electrcity
as you can imagine elastic demand means demand will drastically vary based on raising/loweing of price. e.g. toothpaste
2007-09-10 15:03:01 · answer #5 · answered by lildude3216 2 · 0⤊ 0⤋