What is the difference between elastic and inelastic 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.

Yasmeen Begum

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Economics Tutor • A-Level • Birmingham

Is this in terms of springs?

Yasmeen Begum

2.8k students helped

Economics Tutor • A-Level • Birmingham

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