An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied. Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price.

A unitary elasticity means that a given percentage change in price leads to an equal percentage change in quantity demanded or supplied Infinite or perfect elasticity refers to the extreme case where either the quantity demanded or supplied changes by an infinite amount in response to any change in price at all.

elasticity — an economics concept that measures responsiveness of one variable to changes in another variable. elastic demand — when the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded or supplied to changes in price. inelastic demand — when the elasticity of demand is less than one, indicating that a 1 percent increase in price paid by the consumer leads to less than a 1 percent change in purchases (and vice…. unitary elasticity — when the calculated elasticity is equal to one indicating that a change in the price of the good or service results in a proportional change in the quantity demanded or supplied.