Examlex
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Price Inelastic
Price inelastic refers to a situation where the demand for a good or service is relatively unaffected by changes in its price, indicating that consumers continue to purchase the product even if its price rises or falls significantly.
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in income.
Price Inelastic
Refers to a situation where demand or supply for a product is relatively unresponsive to price changes.
Price Elasticity
It quantifies the sensitivity of the quantity demanded or supplied to alterations in its price.
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