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.
If the answer is greater than one, then the demand or supply is elastic, if the answer is less than one then it is considered to be inelastic. â¢ Elastic and inelastic are both economic concepts used to describe changes in the buyerâs and supplierâs behavior in relation to changes in price.