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.
Examples of price inelastic demand. We say a good is price inelastic, when an increase in price causes a smaller % fall in demand, e.g. if price of petrol falls 30%, but demand for petrol only increases 10% the PED = â 0.33. Petrol â petrol has few alternatives because people with a car need to buy petrol.