How much demand of a product goes up or down depending on the price.
Elastic demand changes greatly as price changes - for normal goods, as the price goes up, demand drops. Demand for things like non-staple food - like cookies - is elastic. If cookies cost 50 cents a box, there might be huge demand for them. But if that price goes to $10 a box, if the price were elastic, the demand would be much lower.
For an inelastic demand curve, people's demand changes little as prices change. THese are goods for which there are few substitutes. Things like gasoline have relatively inelastic demand curves - people will slow down their use/demand of gasoline a bit as prices go up, but a certain level of gasoline consumption is going to exist regardless of price. People are simply going to pay what they have to to get it.
a measure of how consumers react to a change in price.
It tells the business owner what their demands will be.
A prolonged 'stiff heart' is more commonly referred to as Congestive heart disease. The heart looses elasticity and is unable to adequately meet the bodies demands.
Ed=% Change in quantity demanded/% Change in price=(Q2-Q1)/Q1/(P2-P1)/P1= P1 - Price before change P2 - Price after change Q1 - Quantity before change Q2 - Quantity after change Ed- Price elasticity of demand
price elasticity income elasticity cross elasticity promotional elasticity
The elasticity of demand refers to how sensitive the demand for a good is to changes in other economic variables. The different types are: price elasticity, income elasticity, cross elasticity and advertisement elasticity.
Gum has elasticity.
elasticity
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
No, there is no elasticity in cotton at all
Elasticity
What do economists call elasticity?
practical applications of elasticity