inelastic in the Economics topic by Longman Dictionary of Contemporary English | LDOCE | What you need to know about Economics: words, phrases and expressions | Economics
Perfectly inelastic demand, on the other hand, occurs when consumer demand is not affected at all regardless of whether the price is high, low, or somewhere in between. Inelasticity of demand in general is simply another way to quantify fundamental constructs of economics around people's every...
Unitary elasticity:The elasticity coefficient is equal to 1. Perfectly elastic:Elasticity coefficient is infinity, and Perfectly inelastic:Elasticity coefficient is zero. Elastic Demand vs Inelastic Demand Infographics Below is the top 7 difference between Elastic Demand vs Inelastic Demand: Key Differences...
Inelastic demand does not exist for many products. A life-saving drug is one example of a product for which there would be inelastic demand. Such demand would exist for that particular product because people would pay the cost no matter how high it was and as such the manufacturer could cha...