This posting addresses perfect elasticity.
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Generally, there will be many responses indicating that eggs do not have substitutes and that the price of eggs are not generally an issue for many consumers.
Would anyone say that in this case the demand for eggs is perfectly inelastic? What is the definition of perfectly inelastic?
Are there any products or services whose demand is perfectly inelastic? Explain.
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Solution Summary
The solution provides a detailed discussion examining if eggs are perfectly inelastic, and if there are any goods that are perfectly inelastic.
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Perfectly inelastic means that any changes in the price of the eggs will have an absolute zero impact on the demand for eggs. As one variable changes (price), demand remains at the exact level regardless of the price change. Demand for eggs is not perfectly inelastic. If the price of eggs becomes unreasonable, it will drop demand. People will turn to other foods instead of eggs, including egg substitutes, or will find other products that can be used instead of eggs. A mixture of gram flour and water or of a ...
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