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Inelastic Vs Elastic Analysis

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The number one goal in any type of business, whether it is Apple Inc., American Eagle, or even a lemonade stand, is to develop revenue. Many circumstances come into play when demanding for revenue. Inelastic and elastic are two great examples of generating revenue. Inelastic occurs when the change in price is greater than the quantity change, after all making the equation less than one. This means people are not too disturbed with the price change; then again items that are inelastic are the needs. For example, prescription medicine is inelastic because no matter how much the price shifts, people have to purchase it to stay healthy. Elastic is the total opposite of inelastic. Although, there could only be a modest adjustment in the price,

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