what markets around the world have an inelastic demand? Use the determinants of price elasticity?
what markets around the world have an inelastic demand? Use the determinants of price elasticity?Submitted: 1561 days ago
Exactly the ones you'd expect: oil and petroleum products; basic foodstuffs; etc.
And to see this, compare consumption graphs with price graphs:
http://images.google.com/imgres?imgurl=http://www.worldwatch.org/brain /images/press/news/vs05-world_oil.jpg&imgrefurl=http://www.worldwatch. org/node/1811&usg=__CSE0-J-r5DrvAMqLFRXVj9rvDWA=&h=496&w=745&sz=57&hl= en&start=16&um=1&tbnid=m88pTLHwPGw-HM:&tbnh=94&tbnw=141&prev=/images%3 Fq%3Doil%2Bconsumption%26hl%3Den%26client%3Dsafari%26rls%3Den-us%26sa% 3DX%26um%3D1