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29 May, 20:18

What does it mean to be elastic or inelastic

use the words price and demand to explain your answer

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  1. 29 May, 23:32
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    For a market to be elastic, a change in price will have a "big" effect on consumer demand. For inelastic markets, a change in price has little to no effect on demand.

    I remember it by thinking of a rubber band. It is elastic and can be stretched with force (meaning to it is able to be manipulated). Inelastic things, like a rock, don't really change unless something dramatic happens to them.
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