Inelastic Demand

In economics, demand is said to be inelastic when the quantity demanded of a product or service does not change significantly due to a change in its price. In other words, a change in price does not have a significant impact on the demand for the product or service.

Example

Among the given options, the correct answer is option D, Medicine. This is because:

- Fruits: Fruits have elastic demand because if the price of one type of fruit increases, customers may switch to another type of fruit that is cheaper.
- Ice-cream: Ice-cream also has elastic demand because if the price of one brand of ice-cream increases, customers may switch to another brand that is cheaper.
- Petrol: Petrol has elastic demand because if the price of petrol increases, customers may switch to alternative modes of transportation or use public transport.
- Medicine: Medicine has inelastic demand because it is a necessity for many people, and its consumption is not significantly affected by changes in its price. People need it to maintain good health, and they are willing to pay a higher price for it.

Conclusion

Inelastic demand is a situation where the demand for a product or service does not change significantly with changes in its price. Medicine is an example of a product with inelastic demand because people need it to maintain good health, and they are willing to pay a higher price for it.

As medicine is needed to get well soon .Whenever a person is sick or have any prblm they use to take medicine. And as we know that inelastic demand means there is no change in the quantity demanded when there is a change in it .So whether price increase or decrease it will not affect the consumption of medicine