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inelastic


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Lacking in responsiveness. Where one variable, x, can affect another, y, the relation is inelastic if a proportional change in x is associated with a smaller proportional change in y, of whichever sign is appropriate. For example, the demand for a good is inelastic if a fall in price produces a smaller proportional increase in quantity demanded, so that total revenue falls when quantity increases, and marginal revenue is negative.

Subjects: Economics.


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