theory elasticity of demand and supply

Elasticity = (% change in quantity / % change in price)

If the elasticity is greater than or equal to 1, the curve is considered to be elastic. If it is less than one, the curve is said to be inelastic.

Meanwhile, inelastic demand can be represented with a much steeper curve: large changes in price barely affect the quantity demanded.

Meanwhile, inelastic demand can be represented with a much steeper curve: large changes in price barely affect the quantity demanded