So, demand is inelastic when price changes are met by changes in quantity demanded that are smaller in percentage terms (and always in the opposite direction). And demand is elastic when price changes are met by changes in quantity demanded that are larger in percentage terms.
One way to remember this is to
think of an object that is elastic; it's stretchable, variable,
adjustable. Elastic demand means that demand behavior responds strongly to price
changes... in other words, it is easily adjustable. If demand is inelastic, the quantity demanded doesn't change very much when price changes;
in other words, demand doesn't adjust strongly to a price change.
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