Difference between inelasticity and elasticity
Dear student
When the demand for a good is highly responsive to its price. In this case, the percentage change in demand is greater than the percentage change in the price and |ed| > 1. In this situation the demand is said to be elastic.
While on the other hand, when the demand for a good is less responsive to its price. In this case, the percentage change in the demand for a good is less than the percentage change in its price and |ed| < 1. In this situation the demand is said to be inelastic.
Regards