Economic Definition of relatively elastic. Defined.
Offline Version: PDF
Term relatively elastic Definition: An elasticity alternative in which relatively small changes in price cause relatively large changes in quantity. In other words, quantity is very responsive to price. Relatively elastic should be compared with other elasticity alternatives--relatively inelastic, perfectly inelastic, perfectly elastic, and unit elastic.
« relative poverty level | relatively inelastic »
Permalink: https://glossary.econguru.com/economic-term/relatively+elastic