The normal characteristics of smooth muscle: Smooth muscle is found in many different places in the human body: Unlike skeletal muscle, smooth muscle is generally not identifiable from gross observation of the body.
Demand can be classified as elastic, inelastic or unitary. 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. This is taken from a website at www.agmrc.org.
If the numbers are less than one, we say that demand or supply is inelastic. If elasticity equals one, we say that demand or supply is unit elastic. In this example, demand is elastic and supply is inelastic. The essential idea is that elasticity measures how sensitive we are to changes in price.