<\/span><\/h2>\n\n\n\nIn conclusion, understanding the difference between elastic and inelastic can be a helpful tool in understanding how a market may react to changes in price. Elasticity is influenced by a variety of factors that make it difficult to predict with certainty, but understanding the difference between the two can help businesses make more informed decisions. Inelastic demand implies that a change in price won’t have a significant impact on quantity demanded, while elastic demand implies that a change in price will have a significant impact on quantity demanded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Elastic and inelastic are two terms used in economics to describe how demand for a good or service changes in relation to price changes. But what are the differences between them? Read more here.<\/p>\n","protected":false},"author":12,"featured_media":9826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"#gspb_image-id-gsbp-900712cc-4a6a{text-align:center;height:auto}#gspb_image-id-gsbp-3fe709f4-6e16 img,#gspb_image-id-gsbp-900712cc-4a6a img,#gspb_image-id-gsbp-f0de3169-a5b1 img{vertical-align:top;display:inline-block;width:444px;height:auto}#gspb_image-id-gsbp-3fe709f4-6e16,#gspb_image-id-gsbp-f0de3169-a5b1{text-align:center;height:auto}#gspb_image-id-gsbp-f0de3169-a5b1 img{width:443px}#gspb_image-id-gsbp-6aa05fbf-3712 img,#gspb_image-id-gsbp-e29b8217-c0eb img{vertical-align:top;display:inline-block;width:444px;height:auto}#gspb_image-id-gsbp-6aa05fbf-3712,#gspb_image-id-gsbp-e29b8217-c0eb{text-align:center;height:auto}#gspb_image-id-gsbp-6aa05fbf-3712 img{width:445px}","footnotes":""},"categories":[526],"tags":[2792,831,2794],"offerexpiration":[],"lang":"en","translations":{"en":9822},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/posts\/9822"}],"collection":[{"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/comments?post=9822"}],"version-history":[{"count":0,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/posts\/9822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/media\/9826"}],"wp:attachment":[{"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/media?parent=9822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/categories?post=9822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/tags?post=9822"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.difference101.com\/wp-json\/wp\/v2\/offerexpiration?post=9822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}