Price elasticity of demand of food products is generally………..

✅Explanation: Food products are generally considered necessities, and demand for necessities doesn't change drastically with price fluctuations. This means that the quantity demanded is relatively insensitive to changes in price, making it less elastic.

🔑Key Points:
-The Price Elasticity of Demand (PED) measures how responsive the quantity demanded of a good or service is to a change in its price. When PED is less than one (in absolute value), we say that demand is inelastic, meaning that changes in price have a relatively small effect on the quantity demanded.
-When the expenditure on a good form a small proportion of an individual’s income, they are likely to be less concerned about changes in its price. Such goods usually have an inelastic demand because consumers can, and generally will, absorb increases in prices to a certain extent.
🛑 🔴Additional information:: 
-Necessity: In addition to the proportion of income spent, goods and services that are considered necessities (like basic food items or utilities) often have less elastic demand. Price changes will not significantly affect demand as consumers still need these goods, regardless of price increases.
-Lack of Substitutes: Products with fewer substitutes or alternatives usually have less elastic demand, as even if the price increases, consumers have fewer options to switch to.
-Addictive or Habitual Products: Goods that are addictive (like cigarettes) or habitual in nature tend to have relatively less elastic demand, as consumers prefer to maintain their consumption habits despite price increases.
-Short-Run vs. Long-Run: For any good, the demand tends to be less elastic in the short run as consumers need time to adjust their consumption habits, but it can become more elastic in the long run as consumers have more time to adjust.
-Income Elasticity: This is another important aspect that affects demand elasticity. If a person's income rises and they still consume the same quantity of a good, then that good is considered to be income-inelastic – often these goods take up a small proportion of the consumer's total income.
-Other Factors: Other factors can also affect elasticity including consumer preferences, brand loyalty, and urgency of requirement.
🛑 🔴Additional information:: 

✏️The Price Elasticity of Demand (PED) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. The formula for calculating PED is:
-PED = % Change in Quantity Demanded / % Change in Price