With the overall analysis of the situation pertaining in the Caribbean region, as this region gets affected with economic, environmental and even human losses because of the huge destruction of the natural disasters, the demand would here be price inelastic as even if the prices decrease because of the news of the tropical storm, the demand doesn't increased with decrease in price, In fact the demand decreased. a. Illustrate and discuss with the use of an appropriate diagram showing the price inelasticity of demand referred to above.
With the overall analysis of the situation pertaining in the Caribbean region, as this region gets affected with economic, environmental and even human losses because of the huge destruction of the natural disasters, the demand would here be price inelastic as even if the prices decrease because of the news of the tropical storm, the demand doesn't increased with decrease in price, In fact the demand decreased. a. Illustrate and discuss with the use of an appropriate diagram showing the price inelasticity of demand referred to above.
Chapter1: Making Economics Decisions
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With the overall analysis of the situation pertaining in the Caribbean region, as this region gets affected with economic, environmental and even human losses because of the huge destruction of the natural disasters, the demand would here be price inelastic as even if the prices decrease because of the news of the tropical storm, the demand doesn't increased with decrease in price, In fact the demand decreased.
a. Illustrate and discuss with the use of an appropriate diagram showing the price inelasticity of demand referred to above.
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