meaning of inelastic demand
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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.
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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.
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