What do you mean by economic terms elastic and inelastic?

1.	What do you mean by economic terms elastic and inelastic?
Answer» Answer: Elastic is a term used in economics to describe a CHANGE in the behavior of buyers and sellers in RESPONSE to a change in price for a GOOD or service. ... An INELASTIC product is ONE that consumers continue to purchase even after a change in price.

Answer»

Answer:

Elastic is a term used in economics to describe a CHANGE in the behavior of buyers and sellers in RESPONSE to a change in price for a GOOD or service. ... An INELASTIC product is ONE that consumers continue to purchase even after a change in price.

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What do you mean by economic terms elastic and inelastic?

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