Pin It. View Slideshow Â»Â». Fun in the sun! Celebrity trainer Jillian Michaels and her partner Heidi Rhoades hit the beach with their two children â daughter Lukensia, 3, and 18-month-old son Phoenix â in Miami, Florida on Tuesday (November 12).
Elasticity is the ratio of the % change in quantity to the % change in price. So if the two are identical, than it is said to be unitary elastic. If quantity changes more than price, then it is said to be elastic. If the quantity changes less than price, then it is said to be inelastic.
US Economy. Definition: Inelastic demand in economics is when people buy about the same amount whether the price drops or rises. That happens with things people must have, like gasoline. Drivers must purchase the same amount even when the price increases. Likewise, they don't buy much more even if the price drops.