ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. Unitary elasticity means that a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.

Detailed explanation-2: -Demand is inelastic when a change in price causes a relatively smaller change in quantity demanded.

Detailed explanation-3: -A change in quantity demanded is represented as a movement along a demand curve. The proportion that quantity demanded changes relative to a change in price is known as the elasticity of demand and is related to the slope of the demand curve.

Detailed explanation-4: -Elasticity occurs when demand responds to changes in price or other factors. Inelasticity of demand means that demand remains constant even with changes in economic factors.

Detailed explanation-5: -"Inelastic refers” to the static quantity of a good or service when its price changes. Inelastic demand means that when the price of a good or service goes up, consumers’ buying habits stay about the same, and when the price goes down, consumers’ buying habits also remain unchanged.