inelastic

inelastic
inelastic in‧elas‧tic [ˌɪnɪˈlæstɪk◂] adjective
ECONOMICS used to say that a change in something, for example, the price of a product, makes another thing, for example the demand for it, change by only a small amount:

• Coffee is a fairly inelastic commodity, which means lower prices don't significantly increase consumption.

— inelasticity noun [uncountable] :

• the relative inelasticity of supply for housing

ˈprice ineˌlastic
price inelastic goods, markets etc are those where the price of something does not change very much when the supply or the demand for it increases or decreases:

• the highly price-inelastic world market for food grains

* * *

inelastic UK US /ˌɪnɪˈlæstɪk/ adjective
► ECONOMICS relating to a situation in which the amount of a product sold or supplied changes very little in relation to the product's price: »

Cereal prices are considered ""inelastic,"" meaning that a 10-percent price increase tends to boost supplies by only one or two percentage points.

 »

Supply of oil is notoriously inelastic: it can only respond slowly to price changes.

→ Compare ELASTIC(Cf. ↑elastic)

Financial and business terms. 2012.

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Look at other dictionaries:

  • Inelastic — In e*las tic, a. 1. Not elastic. [1913 Webster] 2. (Economics) reacting little to changing price; of demand; as, Potatoes have an inelastic demand. [PJC] …   The Collaborative International Dictionary of English

  • inelastic — index inflexible, rigid Burton s Legal Thesaurus. William C. Burton. 2006 …   Law dictionary

  • inelastic — (adj.) 1748, from IN (Cf. in ) (1) not, opposite of + ELASTIC (Cf. elastic). Figurative use attested by 1867 …   Etymology dictionary

  • inelastic — [in΄ē las′tik, in΄i las′tik] adj. 1. not elastic; inflexible, rigid, unyielding, unadaptable, etc. 2. Econ. not responding to changes in price: said of the demand for, or supply of, particular goods or services inelasticity [in΄ē΄las tis′ə tē] n …   English World dictionary

  • Inelastic — An economic term used to describe the situation in which the supply and demand for a good are unaffected when the price of that good or service changes. When a price change has no effect on the supply and demand of a good or service, it is… …   Investment dictionary

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  • Inelastic neutron scattering — is an experimental technique commonly used in condensed matter research to study atomic and molecular motion as well as magnetic and crystal field excitations.It distinguishes itself from other neutron scattering techniques by resolving the… …   Wikipedia

  • Inelastic electron tunneling spectroscopy — (IETS) is an experimental tool for studying the vibrations of molecular adsorbates on metal oxides. It yields vibrational spectra of the adsorbates with high resolution ( …   Wikipedia

  • inelastic demand — ➔ demand * * * inelastic demand UK US noun [U] ECONOMICS ► the situation in which a change in a product s price causes very little change in the amount of the product that is sold: » Gasoline is a commodity with inelastic demand, he said. →… …   Financial and business terms

  • inelastic supply — ➔ supply2 * * * inelastic supply UK US noun [U] COMMERCE ► a market situation in which a change in the price of goods or services does not produce a similar change in supply: »The perfectly inelastic supply for tickets means that any shift in… …   Financial and business terms

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