[This is part of the series: The Complete Guide To Economics 101.]
What does it mean to say that supply or demand is inelastic?
When supply or demand is Inelastic, it means that quantity supplied or quantity demanded is less sensitive to changes in price.
For instance, if there is a 10% increase in the price of cameras, and quantity demanded for cameras decreases by less than 10%, demand for cameras is said to be “inelastic.”
This is obviously different than being elastic, or unit elastic.
