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.
What does 'Elastic' mean. Elastic is an economic term meant to describe a change in the behavior of buyers and sellers in response to a price change for a good or service. How the demand for the good or service reacts in response to a change in price determines its elasticity or inelasticity.