Search results
- Dictionaryinelastic/ˌɪnɪˈlastɪk/
adjective
- 1. (of a substance or material) not elastic: "a tough, inelastic membrane"
- 2. (of demand or supply) insensitive to changes in price or income.
Powered by Oxford Dictionaries
Jun 15, 2024 · Inelastic demand means that the quantity of a good or service remains unchanged or changes little when its price changes. Learn how to calculate inelastic demand, see examples of inelastic goods, and contrast it with elastic demand.
Jun 11, 2024 · Inelastic demand is when the demand for a good or service remains unchanged even when the price changes. Learn how to calculate inelastic demand, what factors influence it, and how it differs from elastic demand.
Inelastic means not changing much, or not allowing much change, especially in economics or physics. Learn how to use this adjective with sentences and synonyms from the Cambridge Dictionary.
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.
- I would say that it is simply because business class travelers care less about the price, given that they are already not buying the cheapest option.
- You're right. It's supposed to be 8%. The answer is wrong.
- The change in price has a less impact on preferences of the people with higher incomes, who prefer the business class. The price is not the most im...
- No, there is no such thing as a price elasticity of the entire curve. The price elasticity is different for every point.
- P = 2/Q cannot be re-written as 2P = Q. That's incorrect algebra.
- The answers to the self-check questions are below the questions. The answers to the other questions aren't given.
- Here's my answers to the problems: (1) E = |(1/5.5)/(-3/31.5)| = 1.91 Thus the demand curve is elastic here. (2) E1 = |(0.1/0.45)/(-1/4.5)| = 1 E2...
Aug 5, 2022 · Inelastic demand in economics occurs when the demand for a product doesn't change as much as the price. A steep demand curve graphically represents inelastic demand. The steeper the curve, the more inelastic the demand for that product or service is.
- Kimberly Amadeo
Oct 12, 2022 · In microeconomics, whether demand is elastic or inelastic depends on factors like changes in price, substitute availability, and income level. Learn about elasticity of demand, inelasticity of demand, and the differences between the two terms.
Inelastic means not changing much, or not allowing much change, especially in economics or physics. Learn how to use this word in different contexts with examples from various sources.
