# What is elastic and inelastic in microeconomics?

## What is elastic and inelastic in microeconomics?

An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small.

What is elasticity and plasticity?

When energy goes into changing the shape of some material and it stays changed, that is said to be plastic deformation. When the material goes back to its original form, that’s elastic deformation. Mechanical energy is lost whenever an object undergoes plastic deformation.

### What is elastic and inelastic supply?

An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price. An inelastic demand or inelastic supply is one in which elasticity is less than one, indicating low responsiveness to price changes.

What is elastic and plastic?

Elastic deformation is the deformation that disappears upon removal of the external forces causing the alteration and the stress associated with it. Plastic deformation is a permanent deformation or change in shape of a solid body without fracture under the action of a sustained force.

## What is the difference between elasticity?

The elasticity of demand refers to the change in the quantity demanded of a product, due to the change in factors on which demand depends….Comparison Chart.

Basis for Comparison Elastic Demand Inelastic Demand
Elasticity Quotient More than equal to 1 Less than 1
Curve Shallow Steep

How do you calculate elasticity?

Percentage change in quantity demanded divided by percentage change in price

• (Q2 – Q1)/(1/2 (Q1+Q2))/(P2 – P1)/(1/2 (P2 – P1))
• 1/slope*P/Q
• ### What are the types of elasticity?

Young’s Modulus of Elasticity

• Bulk Modulus of Elasticity
• Modulus of Rigidity
• What is the formula for elasticity?

To calculate elasticity along a demand or supply curve economists use the average percent change in both quantity and price. This is called the Midpoint Method for Elasticity, and is represented in the following equations: % change in quantity = Q 2 – Q 1 Q 2 + Q 1 /2 × 100 % change in price = P 2 – P 1 P 2 + P 1 /2 × 100

## What are some examples of elasticity in economics?

Elasticity is an economic measure of how sensitive an economic factor is to another, for example, changes in supply or demand to the change in price, or changes in demand to changes in income.