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.
Elasticity of demand also depends on the proportion of income spent on different goods. The demand for those goods on which a negligible amount of the total income of the consumer is spent is said to be inelastic. Salt, edible oil, match box, soap etc account for a very negligible amount of the consumer income.