Eagle Scout On his twelfth birthday, Ford joined the local Boy Scout Troop 15 of Trinity Methodist Church and two years later attained the rank of Eagle Scout. Gridiron Glory Ford attends the University of Michigan and graduates with a B.A. in Economics. Ford also plays center on the football team and receives professional football contract offers from the Green Bay Packers and the Detroit Lions, which he declines.
inelastic - not elastic; economists speak of an inelastic price structure. inflexible - resistant to being bent; an inflexible iron bar; an inflexible knife blade; elastic - capable of resuming original shape after stretching or compression; springy; an elastic band; a youthful and elastic walk.
If it is less than 1, it is inelastic. EFFECTS:Whether the demand or supply of a particular good is elastic or inelastic depends in part on how essential it is to most consumers. Goods that are necessities for consumers everyday lives are more inelastic. Consumers continue to purchase such goods, despite price increases. CONSIDERATIONS:Demand is more elastic if there are substitutes for a particular product or if it is considered a luxury by most consumers.