Connect the red wire to the positive (+) terminal of one of the cells, and connect the black wire to the negative (-) terminal of the other cell. Later, as a last step, you will connect a wire between the negative (-) terminal of the first cell and the positive (+) terminal of the other cell.
Inelastic market conditions occur when the supply or demand of a good is relatively resistant to changes in price. Economists sometimes use the term qualitatively to describe goods in the marketplace, but may also apply mathematical formulas to quantify the degree to which market conditions are elastic or inelastic.
If the answer is greater than one, then the demand or supply is elastic, if the answer is less than one then it is considered to be inelastic. Summary. â¢ Elastic and inelastic are both economic concepts used to describe changes in the buyerâs and supplierâs behavior in relation to changes in price. â¢ When a change in price results in a large change in the quantity that is supplied or demanded of a particular product, it is referred to as being âelasticâ.