Goods and services are elastic when demand changes for them in the economy. They become inelastic when demand remains relatively constant, even when the economy shows signs of change. The ...

Unlike the more empirical fields of physics ... Relatively elastic demand means you can expect more change in demand than in the price of a product or service. Perfectly inelastic demand means ...

Inelastic demand exists when customers buy roughly the same amount of a good regardless of most factors, while elastic demand means that demand increases or decreases significantly depending on ...

An elastic demand curve means that a change in price has a large effect on buying, while an inelastic demand curve means that a price change has less effect on buying. If the demand for an item ...

A rubber band undergoes elastic distortion when stretched a little. A metal drinks can undergoes inelastic distortion when it is squashed.

Price elasticity measures how demand ... demand for Company A’s product is more inelastic than for Company B's product. The following table shows these concepts. Working through the table ...

An elastic economic factor changes relatively easily in relation to a change in another factor. An inelastic economic factor changes very little when another element is significantly altered.