Difference between elastic and inelastic
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Elastic is property which means it is flexible
Inelastic is not flexible
Inelastic is not flexible
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Elastic demand means with a change in its price, quantity demanded will change, mostly in negative direction (if price increases, demand falls). For example, in case of DVDs, if the price of DVDs increase its demand will fall. ... Inelastic demand is when price change has no effect on the quantity demanded.
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