Demand and supply curves can be charted on a graph ... and changes in price is called elasticity. Goods that are inelastic are relatively insensitive to changes in price, whereas elastic goods are ...

Goods and services can be either elastic or inelastic. Elastic means the product is more sensitive to price changes, such as luxury goods and non-necessary items. Inelastic means the product is ...

The first chart shows an inelastic demand curve, which is characterized by the fact that large changes in price do not change the quantity demanded very much. In this case, the main effect is that ...