Demand whose percentage change is less than a percentage change in price. For example, if the price of a commodity rises twenty-five percent and demand decreases by only two percent, demand is said to be inelastic. (See elasticity.)
[in-i-las-tik] /ˌɪn ɪˈlæs tɪk/ adjective 1. not ; lacking flexibility or resilience; unyielding. 2. Economics. relatively unresponsive to changes, as demand when it fails to increase in proportion to a decrease in price. Compare (def 6). /ˌɪnɪˈlæstɪk/ adjective 1. not elastic; not resilient 2. (physics) (of collisions) involving an overall decrease in translational kinetic energy […]
noun, Physics. 1. a scattering of particles due to an inelastic collision that also changes their wavelengths and phases.
- Inelastic supply
Supply whose percentage change is less than a percentage change in price. For example, if the price of a commodity drops twenty-five percent and supply decreases by only two percent, supply is said to be inelastic. (See elasticity.)
[in-el-i-guh ns] /ɪnˈɛl ɪ gəns/ noun 1. the quality or state of being ; lack of elegance. 2. something that is or ungraceful.