Question

What is called elastic and non elastic

Answer 1

The material which can be strech have elastic. If a material is strech and agian it comes back on its original position then it have elastic where as the material cannot be streached is called non elastic materials.

Answer 2

Non elastic:-

Inelastic is an economic term used to describe the situation in which the quantity demanded or supplied of a good or service is unaffected when the price of that good or service changes. Inelastic means that when the price goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged.

Elastic:-

"If I lower the price of a product, how much more will sell?""If I raise the price of one good, how will that affect sales of this other good?""If the market price of a product goes down, how much will that affect the amount that firms will be willing to supply to the market?"