Home›Economics›Macroeconomics›What is Inelastic Demand? Definition:Inelastic demand is the economic idea that the demand for a product does not change relative to changes in that product’s price. In other words, as the price of a good or service increases or decreases, thedemandfor it...
ILTS Social Science - Economics (244) Study Guide and Test Prep Business 104: Information Systems and Computer Applications Browse by Lessons Income Elasticity of Demand: Definition, Formula & Example Income Elasticity of Demand | Formula & Examples Price Elasticity of Supply | Formula & Examples ...
inelastic inEconomics topic From Longman Business Dictionaryin‧elas‧tic/ˌɪnɪˈlæstɪk◂/adjectiveused to say that a change in something, forexample, thepriceof aproduct, makes another thing, for example thedemandfor it, change by only a smallamountCoffee is a fairly inelas...
2.EconomicsOf, relating to, or being a good for which changes in price have little effect on the quantity demanded or supplied:the inelastic demand for cigarettes. in′e·las·tic′i·ty(-ĭ-lă-stĭs′ĭ-tē)n. American Heritage® Dictionary of the English Language, Fifth Edition...
inelastic [ in-i-las-tik ] See synonyms for:inelasticinelasticityon Thesaurus.com adjective notelastic; lacking flexibility or resilience; unyielding. Economics.relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price.: Compareelastic (def. 6)....
If the toaster goes on sale for $1 USD, on the other hand, people will buy the toaster even if they don't really want or need it since the price is so low. Demand will likely outpace supply. As such, the manufacturer will raise the price. Eventually, the price will settle at the...
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The economic concept known as elasticity is a way analysts can estimate the responsiveness of a variable when a second variable is changed. The most common variables analyzed in economics are price and demand for a product.Answer and Explanation: ...
Learn more about this topic: Elasticity of Demand | Definition, Formula & Calculation from Chapter 3 / Lesson 7 555K Understand what elasticity of demand is and discover different types of elasticity of demand. Learn how it is measured and review the elasticity of demand formula....
Inelastic demand is when a buyer’s demand for a product does not change as much as its change in price. When price increases by 20% and demand decreases by only 1%, demand is said to be inelastic. This situation typically occurs with everyday householdproducts and services. When the price...