If the elasticity of demand is greater than or equal to 1

If the elasticity of demand is greater than or equal to 1 -...

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If the elasticity of demand is greater than or equal to 1, meaning that the percent change  in quantity is great than the percent change in price, then the curve will be relatively flat  and elastic: small price changes will have large effects on demand. If the elasticity of the  demand curve is less than 1, meaning the percent change in quantity is less then the  percent change in price, then the curve will be steep and inelastic: it will take a big  change in price to affect demand.  Similarly, if the elasticity of supply is greater than or equal to 1, the curve will be elastic:  relatively flat, with quantity supplied very responsive to changes in price. If the elasticity  of the supply curve is less than 1, it will be inelastic: the curve will be flatter and quantity  supplied will be less responsive to changes in price. 
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