What is the definition of elasticity vs inelasticity i


What is the definition of elasticity vs. inelasticity. I understand based on number (price elasticity) but what does it mean if something is elastic or inelastic? What are the effects on the product/point on a graph?

 

Solution Preview :

Prepared by a verified Expert
Business Economics: What is the definition of elasticity vs inelasticity i
Reference No:- TGS02465374

Now Priced at $10 (50% Discount)

Recommended (92%)

Rated (4.4/5)