Question on: SS1 Economics - Elasticity Of Demand
What is the difference between elastic and inelastic demand?
View related lesson
Ask EduPadi AI for a detailed answer
Elastic demand refers to a situation where a small change in price leads to a relatively larger change in the quantity demanded. On the other hand, inelastic demand refers to a situation where a change in price results in a relatively smaller change in the quantity demanded.
Add your answer
Please share this, thanks!
No responses