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Elasticity is "a measure of responsiveness that tells us how a dependent variable such as a quantity responds to a change in an independent variable such as price." Basically, that means that elastic product's demand is affected by price and an inelastic product's demand is unaffected by price.
For example: if a product is elastic, the price goes up and demand goes down, or the price goes down and demand goes up. Examples are electronics, candy and junk food, and even cars.
If a product is inelastic, the demand will stay the same no matter the price. Examples are medical supplies.
What else can I help you with?
What are the differences between an elastic and inelastic item?
An elastic item benefits from price decreases whereas an inelastic item does not.
Is the price and demand for junk food elastic or inelastic?
elastic
Is the NHS as a service price elastic or inelastic?
elastic
Steeper supply curve is more likely to be price elastic or price inelastic?
Price inelastic
What are the key differences between an inelastic and elastic graph in terms of price and quantity changes?
In an inelastic graph, price changes have a small impact on quantity demanded, while in an elastic graph, price changes have a significant impact on quantity demanded.
Distinguish between elastic and inelastic demand?
An example of perfectly inelastic demand would be a life-saving drug that people will pay any price to obtain. Elastic demand is the opposite of this.
When the price of a good will cause total revenue to fall if price elasticity of demand is elastic or inelastic?
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
What are the key differences between inelastic demand and elastic demand in economics?
In economics, inelastic demand means that changes in price have little impact on the quantity demanded, while elastic demand means that changes in price have a significant impact on the quantity demanded.
What is the difference between elastic and inelastic?
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Is price elasticity of demand considered elastic or inelastic with food?
price elasticity of food would be inelastic, as there are no substitutes and food is a necessity.
What is the difference between inelastic and elastic goods?
Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
