The degree to which a price change for an item results from a unit change in supply (called supply elasticity) or a unit change in demand (called demand elasticity). opposite of inelasticity.
Related information about elasticity:
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In economics, elasticity is the measurement of how changing one economic variable affects others. For example: "If I lower the price of my product, how much ...
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Learn how changes in price and quantity affect supply and demand.
- elasticity - definition of elasticity by the Free Online Dictionary ...
e·las·tic·i·ty ( -l -st s -t , l -). n. 1. The condition or property of being elastic; flexibility . 2. Physics. a. The property of returning to an initial form or state following ...
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Article gives a common-sense and easy to understand explanation of what price elasticity of demand is and how to calculate the price elasticity of demand.
- Economics Interactive Tutorial: Elasticity
Feb 26, 2006 ... For example, the elasticity of demand tells us how much the quantity demanded changes when the price changes. The elasticity of demand ...