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.
An object is said to be elastic if it restores its original size and shape. This property of an object is known as elasticity. In economics, elasticity refers to the sensitivity of one variable to changes in a different variable. How much more of a product consumers will purchase when the price of that product falls is a specific example of economic elasticity. 33 people found this useful.