Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Goods and services can be either elastic or inelastic. Elastic means the ...

Steven Nickolas is a writer and has 10+ years of experience working as a consultant to retail and institutional investors. Robert Kelly is managing director of XTS Energy LLC, and has more than three ...

Microeconomics and macroeconomics are two distinct branches of economics. Microeconomics focuses on individuals and groups, including companies, while macroeconomics looks at the behavior of national ...

Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.