Microsoft PowerPoint is a presentation software that allows users to create and edit slide show presentations. It is a popular choice for both personal and professional use, as it provides a range of tools and features that make it easy to create visually appealing and effective presentations.
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Overall, PowerPoint is a powerful and useful tool for creating and delivering presentations. Its versatility, range of features, and collaboration capabilities make it an essential tool for anyone looking to effectively communicate their message to an audience.
Difference Between Elastic and Inelastic Demand (with Comparison Chart)
Elastic demand is a kind of situation in the economic market which means that a minor change in the price of a product can lead to a larger change in the quantity desired by customers. Market demand is the absolute amount requested or demanded across all buyers for a particular product or service in a market. Relatively elastic demand Relatively inelastic demand In this case, the change in price leads to a proportionately large change in the quantity demanded. This type of demand varies frequently as being elastic. Hence, raising prices increases revenue. Most primarily, it can be the change in the prices of the basic commodities that are used to create that product, the production issues, taxes or the change in economic atmosphere for that product. In fact, it will be any curve that is steeper than the unit elastic curve, which is diagonal.
Elastic vs. Inelastic Demand: What's the Difference?
The things that have inelastic demand which consists of necessary items such as water, salt, soap, fuel, etc. When demand for a product is inelastic, it does not depend on how much there is a rise in price as people will continue to buy it. As compared to the products with a large number of substitutes, have an elastic demand because of the consumers switch to different substitute, if there is a small change in their prices. It will be pertinent to mention here that elastic demand is for the commodities that are related to the comfort or luxury of the consumer, whereas the inelastic demand is for the commodities which are necessities of life and have no substitute available. Difference Between Elastic And Inelastic Demand In Tabular Form BASIS OF COMPARISON ELASTICITY OF DEMAND INELASTIC DEMAND Demand is considered elastic when a relatively small or large change in price is accompanied by a disproportionately larger change in the quantity demanded. Many of these items are expensive.
Difference Between Elastic Demand and Inelastic Demand
In general, gasoline, utilities, tobacco products, medical treatments, and prescription drugs are inelastic since these products are not easily replaceable with other products. Graphically it will represent a steep curve as there is negligible change in demand. Why is it Important to Understand Elastic vs. Amid all this, it should be kept mentioned that the usage of commodities from people to people might vary, means the luxury product for the one might be a necessity for the other or the vice-versa. The purchase of such items varies at its extremes.
Difference between Inelastic and Elastic Demand
In such a scenario, demand for oxygen would be perfectly-inelastic. Comfort and luxury goods, however, do see more elasticity because they are not requirements for living. However, the concept is very useful in economic analysis. ADVERTISEMENT Comparison Chart Elastic Demand Inelastic Demand The elastic demand refers to the negative change in the quantity demanded by the customers or consumers due to the change in the price of that specific commodity. The blue demand curve on the chart above is a typical inelastic demand curve. The demand is elastic because of the infrequent purchase and consumption of such items. Because P and Q changes, the elasticity also changes as we move along the demand curve.
