The normal characteristics of smooth muscle: Smooth muscle is found in many different places in the human body: Unlike skeletal muscle, smooth muscle is generally not identifiable from gross observation of the body.
Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. This is taken from a website at www.agmrc.org.
If elasticity is greater than 1 (as in the above example), there is an ELASTIC demand; if elasticity equals 1 (or less) then demand is INELASTIC. ELASTIC DEMAND means that when price increases lead to a MORE THAN proportional decrease in the quantity demanded, and vice versa. The degree of elasticity depends on the availability of substitutes.