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.
Thus elasticity of supply is defined as ratio of percentage change in demand to corresponding change in supply. It is possible to conceive situation when the supply of a commodity by a particular supplier will be completely inelastic within a given price range, that is, there will be no change in quantity offered for supply for changes in prices within that range.