Explain why demand for food is relatively price inelastic?

Food is relatively price inelastic as it is considered a necessity which means that everyone needs it. If price were to rise there wouldn't be any change in consumption as people require it to live so therefore would carry on purchasing it. Furthermore there are no significant substitutions to food, everyone requires it. This also means that a rise in price would lead to no significant change in consumption. As a result food is clearly price inelastic.

JR
Answered by James R. Economics tutor

1579 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

Explain one negative externality that could occur due to the building of a new airport.


Bill's Diner is an American burger restaurant. There is an increase in import costs of products needed from America, and change in perceptions of fast food such as burgers, due to an increase in health warnings. Discuss the effects on the market. (6)


Explain one consequence of a more globalised world?


What is the law of demand?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2025 by IXL Learning