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Is the demand for bananas elastic or inelastic?

【Expert answer】

Created: 2022-05-23 22:42:11

Any Q

The retail price elasticity of demand for bananas is elastic in the short run, varying between -1,43 (Model 4) and -1,52 (Model 7). Since it is expected that retail level demand is more elastic than farm level demand (Foote, 1978, p.


Are bananas elastic or inelastic?

Apples, pears, and bananas are expenditure inelastic while oranges, grapes and other fruits are expenditure elastic.

Do bananas have elastic demand?

When price elasticity of demand is less than one, the good is considered to have “inelastic demand.” If instead the monkeys went bananas for bananas, demanding many, many bananas in response to the price drop, it would be considered relatively elastic demand.

What is the demand for bananas?

Supply and Demand The demand for bananas increases year-on-year. In Europe, it is one of the most eaten fruits. It is mostly demanded during winter, as during summertime there is plenty of summer fruit available.

Is food inelastic or elastic demand?

Because food is a necessity, it is generally believed that demand for food is relatively price 'inelastic', i.e. changes in price have a relatively small effect on the quantity purchased.

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