What are the examples of "complete elasticity" and "complete inelastic" in economics?

1. Projects with completely inelastic demand:

For example: daily edible salt, rice and other grains, monopolistic military weapons (such as some sophisticated missiles, which are usually cost-free, so you must buy them), some cutting-edge technical products including information engineering products, and some intellectual property rights with world value. ?

Note: In fact, it is completely inelastic and imprecise, but the closest thing is completely inelastic. ?

2. Projects with completely flexible demand:

For example, some extremely expensive luxury goods.

Note: the complete elasticity of demand is actually a perfect assumption, because few commodities need a big earthquake because of a small price change. But some things are very similar, such as some valuable chicken ribs collections.

Extended data

Factors Affecting Price Elasticity of Demand

1. Availability of similar alternatives. The demand elasticity of commodities with similar substitutes is often great. For example, butter and margarine can be easily replaced. The more substitutes there are, the easier it is for consumers to switch to other commodities when the price of one commodity increases, so the greater the flexibility, and vice versa.

2. Necessities and luxuries. The nature of products, generally speaking, the elasticity of demand necessary for life is small, and the elasticity of demand for luxury goods is large.

3. Definition of market. The demand of any market depends on the market range we have defined. It is easy to find substitutes when the market is small.

4. Widespread use of commodities. If a commodity has a wide range of uses, when the price of the commodity increases, consumers can appropriately reduce the demand for various uses, so that the greater the flexibility, the smaller the vice versa.

5. The proportion of commodity consumption expenditure to consumers' budget expenditure. When a commodity accounts for a small part of consumers' budget expenditure, consumers don't pay much attention to its price change, such as buying a pack of chewing gum, you may not pay much attention to the price change.

It's time for consumers to adjust their demand. Generally speaking, the shorter the time for consumers to adjust their demand, the smaller the price elasticity of demand. On the contrary, the longer the adjustment time, the greater the price elasticity of demand. For example, the rising price of gasoline will not affect its demand in the short term, but in the long run, people may look for substitutes, which will have a significant impact on demand.

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