Relatively elastic demand means you can expect more change in demand than in the price of a product or service. Perfectly inelastic demand means that demand remains constant regardless of price.

An elasticity of between zero and one is said to be relatively inelastic, when large changes in price cause small changes in demand. An elasticity equal to zero is said to be perfectly inelastic ...

Ali Hussain has a background that consists of a career in finance with large financial institutions and in journalism covering business. Ryan Eichler holds a B.S.B.A with a concentration in ...

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.

This cost is passed on to the consumer, which induces lower consumption when demand is relatively elastic. However, in the case of illegal goods like drugs -- where demand seems inelastic ...

Relatively elastic demand means that there will be more change in the quantity demanded of a good or service than in the price of that good or service. Perfectly inelastic demand means that ...