Question

If a product is inelastic , and if the price of the product rises, expenditure on the same should rise? Or not? Explain...​

Answer 1

ANSWER:-

Inelastic is an economic term referring to the static quantity of a good or service when its price changes. Inelastic means that when the price goes up, consumers' buying habits stay about the same, and when the price goes down, consumers' buying habits also remain unchanged.

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Answer 2

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if the price for an inelastic good is increased and the demand does not change, the total revenue increases due to the higher price and static quantity demanded. However, price increases typically do lead to a small decrease in quantity demanded

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