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.
An elastic item benefits from price decreases whereas an inelastic item does not.
The midpoint between elastic and inelastic is unit elastic
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.
elastic
is soap elastic or inelastic supply
An elastic item benefits from price decreases whereas an inelastic item does not.
difference between elastic and inelastic demand
The midpoint between elastic and inelastic is unit elastic
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.
elastic
A perfectly elastic demand curve means that the quantity demanded changes infinitely with a change in price, while a perfectly inelastic demand curve means that the quantity demanded remains constant regardless of price changes.
is soap elastic or inelastic supply
elastic
Inelastic
just check momentum before and after and if they're the same then elastic if not then inelastic.
elastic
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.