Question

meaning of inelastic demand ​

Answer 1

Answer:

Meaning of inelastic demand :-

❤️ Inelastic demand is when the buyer's demand does not change as much as the price changes.

❤️When the price increases by 20% and the demand decreases by only 1%, demand is said to be inelastic.

❤️ This situation typically occurs with everyday household products and services.

Answer 2

An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price. An inelastic demand or inelastic supply is one in which elasticity is less than one, indicating low responsiveness to price changes.