The challenge is wrapping your head around the difference between elasticity and inelasticity of demand. Elasticity of demand measures how much the demand for a product or service changes relative to ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Steven Nickolas is a writer and has 10+ years of experience working as a consultant to retail and institutional investors. Robert Kelly is managing director of XTS Energy LLC, and has more than three ...

According to the law of demand, when the price of a product goes up, consumers will buy less of it and vice versa. The concept of elasticity measures how much less consumers will buy when the price ...