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jayd16yesterday at 4:03 PM2 repliesview on HN

If folks won't pay a higher price, doesn't that mean it's inelastic?


Replies

unholinessyesterday at 4:13 PM

"Elastic" in economics happens to refers to how elastic the supply/demand is when the price changes (not vice versa, as you're describing). So e.g. an inelastic demand means the quantity demanded changes very little when the price doubles.

steveBK123yesterday at 4:06 PM

Elastic demand means buyers are highly sensitive; a price hike causes a massive drop in purchases. Inelastic demand means buyers aren’t very sensitive; they keep buying regardless of price

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