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What does inelasticity mean?

Looking for the meaning or definition of the word inelasticity? Here's what it means.

Noun
  1. The quality of being inflexible.
  2. (economics) The insensitivity of changes in a quantity with respect to changes in another quantity.
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Examples
The most frequent criticism by immigrant leaders interviewed is the inelasticity of the public-school methods.
Despite the inelasticity of his mind, he vaguely realised his bridegroom honours.
I think the steel market and the oil market are fairly comparable when it comes to inelasticity.
But I had forgotten about the relative inelasticity of hotel prices in the city center.
Land is supremely characterized by its inelasticity of reproducible supply.
One of its great advantages is its inelasticity, which prevents the overrunning of gear worked by it.

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