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Ask a question to our educatorsWhat is the difference between elastic and inelastic demand?
Elastic demand: PED is greater than one. Inelastic demand: PED is less than one. - Inelastic demand is when individuals are unresponsive in their quantity demanded to changes in price. An example of a good with inelastic demand is petrol, as for many consumers it is a neccesity so their demand remains at similar levels despite a change in price. - Elastic demand is when individuals are responsive in their quantity demanded to a change in price. For example, a good with lots of substitutes is likely to have elastic demand.
Elastic demand means there is a substantial change in quantity demanded when another economic factor changes (typically the price of the good or service), whereas inelastic demand means that there is only a slight (or no change) in quantity demanded of the good or service when another economic factor is changed.
Is this in terms of springs?
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