Answer: Inelastic
Explanation: Taking cognizance of the changes in the price and demand of the chemical, one could say the chemical exhibits an inelastic demand. Usually, when prices increase, demand decreases ( elastic demand) . However, in the case of the chemical described, the price increased significantly such that it almost doubled the initial price while still maintaining a stable demand ( that is there was no decrease in supply). This is a typical inelastic demand scenario.
Conclusively, we can project that the chemical product has no substitute or a rather cheaper alternative, otherwise consumers might have turned their attention to the substitute product hence, leading to decrease in demand of the chemical.
