Why do necessities tend to have demand that price inelastic

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what distinguishes public good from private goods?

what happens to total revenue given a price increase and demand is inelastic? Why?

What is the difference b/w economic and accounting profit? Why is a difference b/w them important?

Why do necessities tend to have demand that is price inelastic, while luxuries tend to have demand that is price elastic?

Reference no: EM13204271

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Why do necessities tend to have demand that price inelastic : what distinguishes public good from private goods what happens to total revenue given a price increase and demand is inelastic Why What is the difference b/w economic and accounting profit Why is a difference b/w them important

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