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Jun 15, 2024 · Inelastic means that a 1% change in the price of a good or service has less than a 1% change in the quantity demanded or supplied.
relating to a situation in which the amount of a product sold or supplied changes very little in relation to the product's price: Cereal prices are considered "inelastic," meaning that a 10-percent price increase tends to boost supplies by only one or two percentage points.
Jun 11, 2024 · Inelastic demand and elastic demand represent the degree of changes in demand due to economic factors such as price changes, income levels, and substitution.
An inelastic demand or inelastic supply is one in which elasticity is less than one, indicating low responsiveness to price changes. Unitary elasticities indicate proportional responsiveness of either demand or supply.
And a general rule of thumb is if your absolute value of your price elasticity of demand is less than one, you are dealing with an inelastic, inelastic, elastic situation; and if your price elasticity of demand, the absolute value of it, is greater than one, you're dealing with an elastic situation.
Inelastic definition: not elastic; lacking flexibility or resilience; unyielding.. See examples of INELASTIC used in a sentence.
The meaning of INELASTIC is not elastic. not elastic: such as; inflexible, unyielding; slow to react or respond to changing conditions… See the full definition
