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17 June, 17:48

If demand for a product is inelastic, what would you predict will happen to the demand when it's price rises?

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  1. 17 June, 18:15
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    For inelastic goods, when the overall price rises, quantity demanded will drop more than the overall price rise. This will cause the overall revenue brought in by the product to decrease. Elastic goods would have a smaller decrease in QD than the percentage of the price rise.
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