What is the difference between elastic and inelastic?
Understand the Problem
The question is asking for a comparison between elastic and inelastic, likely in the context of economics or physics. The user wants to understand the distinction in terms of behavior or characteristics of these two concepts.
Answer
Elasticity refers to significant changes in demand due to price changes, while inelasticity refers to minimal changes in demand even with price changes.
The final answer is: Elasticity refers to significant changes in demand due to price changes, while inelasticity refers to minimal changes in demand even with price changes.
Answer for screen readers
The final answer is: Elasticity refers to significant changes in demand due to price changes, while inelasticity refers to minimal changes in demand even with price changes.
More Information
Elastic demand means consumers will buy much less of a product if its price rises. Inelastic demand means changes in price have little impact on how much is purchased.
Tips
A common mistake is confusing the terms 'elastic' and 'inelastic' in physics with their economic definitions. Ensure clarity by considering the context of the question.
Sources
- Elastic vs Inelastic Demand: Main Differences & Examples - Priceva - priceva.com
- Elasticity vs. Inelasticity of Demand - US News Money - money.usnews.com
- Elastic vs. Inelastic Demand: What's The Difference? | Indeed.com - indeed.com
