This post is just a reminder for me so I don’t lose my ideas. Feel free to comment on the validity of my hypothesis though, I want to put it to a test:

When the demand for a good is inelastic, most experts (and laymen) will agree that even a sharp increase in price will only be met with a minute decrease in overall consumption. But the opposite of this is what I believe to be often overlooked…

If demand for a product is extremely inelastic – is it also true that even a significant reduction in cost will only be met with a marginal increase in consumption?

What about an increase in Quantity supplied?