inelastic

Economics

(adjective)

Not sensitive to changes in price.

Related Terms

  • elastic
  • tax
  • supply
  • Unit Elastic
  • demand

(adjective)

Demand for a good is inelastic when a change in price has a relatively small effect on the quantity of the good demanded.

Related Terms

  • elastic
  • tax
  • supply
  • Unit Elastic
  • demand
Physics

(adjective)

(As referring to an inelastic collision, in contrast to an elastic collision. ) A collision in which kinetic energy is not conserved.

Related Terms

  • elastic collision
  • elastic
  • conservation

Examples of inelastic in the following topics:

  • Inelastic Collisions in One Dimension

    • Collisions may be classified as either inelastic or elastic collisions based on how energy is conserved in the collision.
    • While inelastic collisions may not conserve total kinetic energy, they do conserve total momentum.
    • A perfectly inelastic collision happens when the maximum amount of kinetic energy in a system is lost.
    • In this perfectly inelastic collision, the first block bonds completely to the second block as shown.
    • In this animation, one mass collides into another initially stationary mass in a perfectly inelastic collision.
  • Inelastic Collisions in Multiple Dimensions

    • While inelastic collisions may not conserve total kinetic energy, they do conserve total momentum.
    • At this point we will expand our discussion of inelastic collisions in one dimension to inelastic collisions in multiple dimensions.
    • While inelastic collisions may not conserve total kinetic energy, they do conserve total momentum .
    • After this, we will calculate whether this collision was inelastic or not.
    • As these values are not the same, we know this was an inelastic collision.
  • Taxation Impact on Economic Output

    • Because supply is inelastic, the firm will produce the same quantity no matter what the price.
    • Because production is inelastic, the amount sold changes significantly.
    • Consumption is inelastic, so the consumer will consume the same quantity no matter the price.
    • If one party is comparatively more inelastic than the other, they will pay the majority of the tax.
    • When supply is inelastic but demand is elastic, the majority of the tax is paid for by the consumer.
  • Definition of Price Elasticity of Supply

    • Supply is "perfectly inelastic."
    • Inelastic goods are often described as necessities.
    • Examples of inelastic goods would be water, gasoline, housing, and food.
    • The elasticity of a good will be labelled as perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectly inelastic.
    • Differentiate between the price elasticity of demand for elastic and inelastic goods
  • Applications of Elasticities

    • For inelastic demand, the overall supply and demand of a product is not substantially impacted by an increase in price.
    • Products that are usually inelastic consist of necessities like food, water, housing, and gasoline.
    • Whether or not a product is elastic or inelastic is directly related to consumer needs and preferences.
    • If demand is perfectly inelastic, then the same amount of the product will be purchased regardless of the price.
    • Give examples of inelastic and elastic supply in the real world
  • Glancing Collisions

    • Collisions can either be elastic, meaning they conserve both momentum and kinetic energy, or inelastic, meaning they conserve momentum but not kinetic energy.
    • An inelastic collision is sometimes also called a plastic collision.
    • A "perfectly-inelastic" collision (also called a "perfectly-plastic" collision) is a limiting case of inelastic collision in which the two bodies stick together after impact.
    • The degree to which a collision is elastic or inelastic is quantified by the coefficient of restitution, a value that generally ranges between zero and one.
    • A perfectly elastic collision has a coefficient of restitution of one; a perfectly-inelastic collision has a coefficient of restitution of zero.
  • Tax Incidence and Elasticity

    • If a producer is inelastic, he will produce the same quantity no matter what the price.
    • Because the producer is inelastic, the price does not change much.
    • In general, the tax burden will be greater for the group exhibiting the greater relative inelasticity.
    • In a scenario with inelastic supply and elastic demand, the tax burden falls disproportionately on suppliers.
  • Interpretations of Price Elasticity of Demand

    • When PED is less than one, demand is inelastic.
    • The effect of price changes on total revenue PED may be important for businesses attempting to distinguish how to maximize revenue For example, if a business finds out its PED is very inelastic, it may want to raise its prices because it knows that it can sell its products for a higher price without losing many sales.
    • The second is perfectly inelastic demand.
    • Perfectly inelastic demand is graphed as a vertical line and indicates a price elasticity of zero at every point of the curve.
    • Perfectly inelastic demand is graphed as a vertical line.
  • Conservation of Energy and Momentum

    • In an inelastic collision the total kinetic energy after the collision is not equal to the total kinetic energy before the collision.
    • At this point we will expand our discussion of inelastic collisions in one dimension to inelastic collisions in multiple dimensions.
    • While inelastic collisions may not conserve total kinetic energy, they do conserve total momentum .
    • After this, we will calculate whether this collision was inelastic or not.
    • Since these values are not the same we know that it was an inelastic collision.
  • Defining Price Elasticity of Demand

    • In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a less than proportional effect on the quantity of the good demanded.
    • A PED coefficient equal to zero indicates perfectly inelastic demand.
    • When demand is perfectly inelastic, quantity demanded for a good does not change in response to a change in price.
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