Respuesta :
The main difference between elastic and inelastic is that if the quantity demanded fluctuates significantly when the price changes, the demand is elastic; otherwise, it is inelastic.
What does elastic and inelastic demand mean?
Elastic demand, sometimes referred to as price elasticity of demand, is the term used to describe demand that fluctuates when product prices rise or fall. A demand like this is referred to as a price-sensitive demand.
When consumer demand for a given good or service does not change in response to price changes, it is said to be inelastic. A demand like that is not particularly price sensitive.
The differences between elastic and inelastic are-
1 Elastic demand occurs when a little change in a good's price results in a larger change in the amount demanded. When demand is inelastic, a change in a product's price has no impact on how much is being sought.
2. The elasticity of demand can be determined by dividing the percentage change in the price of the good by the percentage change in price; if the coefficient of elasticity of demand is greater than or equal to 1, the demand is said to be elastic; if it is less than one, the demand is said to be inelastic.
3. A shallow curve results from elastic demand. The slope will be steep if the demand is inelastic, on the other hand.
4. With inelastic demand, the price and total revenue move in the same direction, as opposed to elastic demand, where they move in opposite directions.
5. Items that are luxuries and comforts have elastic demand, whereas necessities have inelastic demand.
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