explain the difference between inelastic demand and perfectly inelastic demand
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Explanation:
Inelastic demand. Demand whose percentage change is less than a percentage change in price. ... perfectly inelastic means when a change in price causes a smaller change in demand. EXAMPLE if the price of a commodity increase 40 % and the demand decrease only 10% .
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Answer: Inelastic Demand responds poorly to Price signals. ... Inelastic demand means there is a scope for changes in relation to changes in prices. But, perfectly inelastic demand means even though price changes, there will not be any change in demand.
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