Jun 19, 2025 · Inelastic means that a 1% change in the price of a good or service has less than a 1% change in the quantity demanded or supplied.

Cereal prices are considered "inelastic," meaning that a 10-percent price increase tends to boost supplies by only one or two percentage points. Supply of oil is notoriously inelastic: it can only …

Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is …

Inelastic demand occurs when a buyer’s demand for a product does not change significantly in response to a change in price. When the price increases by 20% and demand decreases by …

Jul 23, 2025 · Inelastic Demand is when changes in price result in relatively smaller changes in quantity demanded. In other words, consumers are not very responsive to price changes.

Sep 18, 2023 · Inelastic demand means consumers are relatively price‑insensitive—quantity changes only slightly when prices shift (elasticity < 1). Elastic products usually have many …

The meaning of INELASTIC is not elastic.

Apr 29, 2024 · In economics, inelastic refers to a condition where the demand or supply of a good or service is relatively unresponsive to changes in price. This means that even substantial …

Jul 5, 2025 · Tax Incidence: When demand is inelastic, the burden of a tax falls primarily on consumers. The rationale is that consumers will continue to purchase the good or service even …

Definition: Inelastic is an economic term that refers the demand or supply of a good or service that is not influenced by changes in the price of the good or service.