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.
1 Perfectly elasticity of demand is not practical, while relative elasticity is seen in case of moderately priced goods. 2  When a big change in price brings about less than proportionate change in demand, it is known as inelastic demand. 3  The demand curve is steeper.