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.
Economics Help states that price elastic goods are those that are easily affected by changes in prices, with demand changing along with the rise and fall in he price. Price inelastic goods are those that are difficult to replace or so low costing that a change in the price has little effect on the overall demand of the product or service.