Question

Distinguish between Relatively elastic demand and relatively inelastic demand.

Answer 1

Relatively elastic demand	Relatively inelastic demand
In this case, the change in price leads to a proportionately large change in the quantity demanded.	In this case, the change in price leads to a proportionately less change in the quantity demanded.
It represents a flatter demand curve.	It represents a steeper demand curve.
Symbolically, it is represented as  Ed > 1.	Symbolically, it is represented as Ed < 1.
For example - a 50% fall in price leads to a 100% rise in quantity demanded.	For example - a 50% fall in price leads to a 25% rise in quantity demanded.