quantity changes

What Makes Demand Elastic Or Inelastic? If the demand changes by more than the change in price or income, it has elastic demand. If demand changes by less than the change in price or income, it has inelastic demand. When demand changes by the same amount as price or income, the good or service has

How Do You Know If Price Elasticity Of Demand Is Elastic Or Inelastic? As a rule of thumb, if the quantity of a product demanded or purchased changes more than the price changes, the product is termed elastic. … Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10%