inelastic


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inelastic

Of or relating to the demand for a good or service when quantity purchased varies little in response to price changes in the good or service. For example, the demand for medicines and medical services is generally inelastic because the quantity purchased by consumers is unresponsive to price changes. Producers of products and services facing inelastic demand curves have an easier time passing on price increases. Compare elastic.

inelastic

adj. relatively unresponsive to change. See PRICE ELASTICITY OF DEMAND, PRICE ELASTICITY OF SUPPLY, INCOME ELASTICITY OF DEMAND, CROSS-ELASTICITY OF DEMAND.
References in periodicals archive ?
Colander (2013:572) for example implies that aggregate demand is quite inelastic with respect to the price level because "While all economists agree about the logic of the interest rate effect, the international effect, and the money wealth effect, most also agree that for small changes in the price level, the net effect is relatively small.
Several scholars have pointed to the role played by artificial building constraints, particularly zoning and growth-management laws, in making the short-term supply of housing more inelastic.
Deep inelastic ep scattering proves that for a very high energy, elastic events are very rare (see [7], p.
However, because the earlier demand studies have been replicated with different or expanded data sets, for many sports, and using different estimation techniques, overwhelming empirical evidence now exists that professional sports teams purposefully set ticket prices in the inelastic region of demand.
y] > 0 by the lemma, the first-period wage tax is strictly positive unless employment or second-period leisure is perfectly inelastic.
Fresh produce is price inelastic in terms of consumption and there is a danger of squeezing all the value out of the product.
As the oil crisis of the 1970s demonstrated, while the demand for oil is inelastic in the short run, consumers do eventually adjust to higher prices.
The company has a reputation for typically seeking out niche or monopoly assets with inelastic demand, including toll roads and airports.
The curve is very elastic until supply reaches approximately 31 mboed (millions of oil-equivalent barrels per day) and then becomes almost totally inelastic when it reaches 32 mboed.
This paper attempts to correlate the crack growth rate results with the average inelastic strain accumulated in a single cycle with the help of FEA.
The market remains extremely sensitive to any sort of supply disruption while demand remains inelastic despite the rise in prices throughout the summer," analysts at Refco said.