Demand and supply curves can be charted on a graph ... and changes in price is called elasticity. Goods that are inelastic are relatively insensitive to changes in price, whereas elastic goods are ...

It can be useful to graph a demand and supply schedules for a visual representation of the market for a particular product. In a traditional supply and demand graph, the vertical axis represents ...

The first chart shows an inelastic demand curve, which is characterized by the fact that large changes in price do not change the quantity demanded very much. In this case, the main effect is that ...