Question

EXPLAIN DIFFERENCE BETWEEN INELASTIC DEMAND AND PERFECTLY INELASTIC DEMAND ?

Answer 1

Answer:

An inelastic product is defined as one where a change in the price of the product does not significantly impact the demand for that product. Since the quantity demanded is the same regardless of the price, the demand curve for a perfectly inelastic good is graphed out as a vertical line.

Explanation:

Answer 2

Explanation:

The more inelastic the demand, the steeper the curve. If it's perfectly inelastic, then it will be a vertical line. The quantity demanded won't budge, no matter what the price is. That's shown in the chart below with the perfectly inelastic—vertical line—curve.

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