Perfectly Elastic Demand. Most rational individuals won't pay for a flight with one airline if its competitors charge a lower fee to fly. Given the variety of airlines to choose from and the ...

Elasticity is an economic term that describes the responsiveness of one variable to changes in another. It commonly refers to how demand changes in response to price.

Elastic means the product is more sensitive to price changes, such as luxury goods and non-necessary items. Inelastic means the product is less sensitive to price movements—food and gas are ...

IT is strange that students should have had to wait till the present time for a systematic English text-book on the mathematical theory of elastic bodies. The want has been decidedly felt at ...

Perfectly Elastic Demand . Most rational individuals won't pay for a flight with one airline if its competitors charge a lower fee to fly.