👩💻 Join our community of thousands of amazing developers!
Elasticity A demand curve is elastic when an increase in price reduces the quantity demanded by a lot. (and vice versa). Flatter curve. A demand curve is inelastic when an increase in price reduced the quantity demanded by very little. Steeper slope. Determinants of elasticity of supply Availability of substitutes Goods with many substitutes have more elastic demand curve. Oil - inelastic as not many substitutes Brazilian coffee - elastic as many substitutes Time horizon Immedi...