inelastic(redirected from inelastically)
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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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
inelasticadj. relatively unresponsive to change. See PRICE ELASTICITY OF DEMAND, PRICE ELASTICITY OF SUPPLY, INCOME ELASTICITY OF DEMAND, CROSS-ELASTICITY OF DEMAND.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005