List five goods whose demand you believe should be perfectly inelastic.?

Question

Explain why you believe their demand curves should be perfectly inelastic.

Answer 1

Water -- it's essential for survival

Bread -- same as above

Prescription drugs needed to save someone's life -- most people will pay any amount to save their life

Heating oil in a cold climate -- necessary in order not to freeze

The most basic clothing imaginable -- culturally mandated, and, in most climates, essential

Answer 2

For the generaly popluation I can't think of any product that would fit into that category.

Answer 3

Cigarette

Beer

Coffee? (for me, as without coffee, I cannot concentrate!!!)

Individuals addicted to the first two will buy it no matter how much price increases.

Water,

Oil

You've gotta drink water no matter how expensive it is. You need oil to run electricity, which is why right now when the price is so high, it is still so high in demand.

Answer 4

In perfectly inelastic demand the price does not impact on quantity of goods demanded by customers; here the most powerfull determinants are income and preferences. In this case the buyers can not find substitutes for that kind of goods in case it increase its prices at something level of prices.

The demand of some goods have range inelastic and range elastic for example cigarettes, coffee, oil. Other goods like water are elastic because and increase in price could be means rationate the access of public to it.

I think we have to be a lot specific at moment to give an example of demand perfectly inelastic because in general term this is only a theoretic supposition.

Then my examples are:

.- the demand of car-driver for a road in the middle of inhabitant land.

.- medical drugs for sicks

.- a specific kind of meat for that companies which processes meat packaged.

.- one kind of illegal drugs for certain kind of addicted.

.- a pair of Nike of certain kind of teenagers.

.- the demand for artistic work with high value

Answer 5

none of the above are true globally (I mean for the whole demand curve)

Perfectly inelastic means you would be willing to pay an infinite amount of money to get it that is tough.

At low levels, water is true (the above is correct you must have it to live), Food is another at low levels,  oxygen,  

A couple of off the wall ones could be,  Antivenom if you have been biten by a deadly snake.

How about a ransom for your child.

just some ideas