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.
Coefficient of Elasticity. With an inelastic demand, price increases will grow revenue, while this will happen for price reductions in an elastic demand (Anderson, 2005).. The concept describes the importance of understanding the price elasticity of demand. The concept explains how the quantity demanded of a good or service responds to a change in the price of that good or service and provides case studies of organisations that apply the coefficient of elasticity to perform better.