* * *
Gasoline has no substitutes and is price inelastic.
»Price-inelastic commodities are often taxed fairly heavily.
Price inelasticity occurs when people cannot easily change their consumption patterns.
Financial and business terms. 2012.
inelastic — in‧elas‧tic [ˌɪnɪˈlæstɪk◂] adjective ECONOMICS used to say that a change in something, for example, the price of a product, makes another thing, for example the demand for it, change by only a small amount: • Coffee is a fairly inelastic… … Financial and business terms
price inelasticity — price inelastic UK US adjective (also price inelastic [only before noun]) ► ECONOMICS used to describe a product or service for which the price does not change even if supply or demand go up or down: »Gasoline has no substitutes and is price… … Financial and business terms
inelastic demand — ➔ demand * * * inelastic demand UK US noun [U] ECONOMICS ► the situation in which a change in a product s price causes very little change in the amount of the product that is sold: » Gasoline is a commodity with inelastic demand, he said. →… … Financial and business terms
inelastic supply — ➔ supply2 * * * inelastic supply UK US noun [U] COMMERCE ► a market situation in which a change in the price of goods or services does not produce a similar change in supply: »The perfectly inelastic supply for tickets means that any shift in… … Financial and business terms
Price discrimination — or price differentiation[1] exists when sales of identical goods or services are transacted at different prices from the same provider.[2] In a theoretical market with perfect information, perfect substitutes, and no transaction costs or… … Wikipedia
Price point — Price points are prices at which demand is relatively high. In introductory microeconomics, a demand curve is downward sloping to the right and either linear or gently convex to the origin. The first is usually true, but the second is only… … Wikipedia
Price skimming — is a pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management. It allows the firm to recover its sunk… … Wikipedia
Inelastic — In e*las tic, a. 1. Not elastic. [1913 Webster] 2. (Economics) reacting little to changing price; of demand; as, Potatoes have an inelastic demand. [PJC] … The Collaborative International Dictionary of English
inelastic — [in΄ē las′tik, in΄i las′tik] adj. 1. not elastic; inflexible, rigid, unyielding, unadaptable, etc. 2. Econ. not responding to changes in price: said of the demand for, or supply of, particular goods or services inelasticity [in΄ē΄las tis′ə tē] n … English World dictionary
Price elasticity of demand — Not to be confused with Price elasticity of supply. PED is derived from the percentage change in quantity (%ΔQd) and percentage change in price (%ΔP). Price elasticity of demand (PED or Ed) is a measure used in economics to show the… … Wikipedia
