Economics: Price Elasticity of Demand

The demand for toilet paper is inelastic. A product is said to have an inelastic demand when the change in quantity demand due to a price change is small. On the other hand, products whose quantity d emended changes by a bight margin due to a price change are said to have an elastic demand. Toilet paper is an essential product implying that consumers would still purchase it even if there were a price change. Besides, there do not exist alternative predictions for toilet paper, hone consumers must put up with price changes without significant alterations in quantity demanded.

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