Pin It. View Slideshow Â»Â». Fun in the sun! Celebrity trainer Jillian Michaels and her partner Heidi Rhoades hit the beach with their two children â daughter Lukensia, 3, and 18-month-old son Phoenix â in Miami, Florida on Tuesday (November 12).
Elasticity is the ratio of the % change in quantity to the % change in price. So if the two are identical, than it is said to be unitary elastic. If quantity changes more than price, then it is said to be elastic. If the quantity changes less than price, then it is said to be inelastic.
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.