Is the demand for rice in elastic, if so explain why?

Answer by  rightlight (1053)

Rice is generally inelastic. People will buy it in huge amounts, regardless if the price changes, because it is produced in huge quantities and is a staple in the diet-of-billions.

Answer by  thinker (34)

Because so many people in the world rely on rice as a staple food in their diet, the demand for this commodity is high. And the demand remains relatively stable, despite all but the most dramatic changes in price, because it is so basic a food source to so much of the world's population.

Answer by  tamarawilhite (17883)

Rice is partially elastic. Supply is limited by the prior year's harvest. However, it is partially elastic because if the price rises too high, consumers can eat other grains like corn.