5.0 would be elastic. Anything above 1.0 is considered elastic.
elastic
The midpoint between elastic and inelastic is unit elastic
is soap elastic or inelastic supply
Inelastic
just check momentum before and after and if they're the same then elastic if not then inelastic.
elastic
The midpoint between elastic and inelastic is unit elastic
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.
difference between elastic and inelastic demand
The ranking of elasticity from least elastic (most inelastic) to most elastic is as follows: necessity goods, luxury goods, and normal goods.
elastic
elastic
Highly 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.