Inelastic demand is when there is a necessity as opposed to wanting the product. Some other products that I can think of that have an inelastic demand are home heating oil, rent, and prescribed medication. I believe that all of these have an inelastic demand because they are a necessity because everyone needs it for survival. For example, I do not think that anybody would be able to survive without home heating oil because that is an important necessity especially in the winter because everyone likes to stay warm and not be cold.
No, I do not think that the consumer has any control over prices of products with an inelastic demand because they need to pay it no matter what because in most cases it is a necessity to them. For example, consumers can not pick how much they want their rent to be because if that happened everyone would be paying close to nothing. In most cases, consumers do not have control for setting what price they want over products because that just would not be fair. I believe that if they had this power then they would make it very inexpensive. Rent is an inelastic demand because in most cases it is the same price for each month and it is due on a specific date.
Have you ever encountered a problem where you bought a product that has an inelastic demand? Did you buy it? What was your decision factor for it?
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