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A waistband. A waistband is a strip of material that is either elastic or some other confining fabric that encircles the waist, [1] usually as a component of clothing such as skirts, trousers, shorts, swimsuits, and undergarments.
Demand for a good is said to be elastic when the elasticity is greater than one. A good with an elasticity of −2 has elastic demand because quantity demanded falls twice as much as the price increase; an elasticity of −0.5 has inelastic demand because the change in quantity demanded change is half of the price increase. [2]
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