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Importance of elasticity in economics
adam
The best definition is that by Lionel Robins, "Economics is the social sciences which studies human behavior as a relationship between ends and scare means which has alternative uses"
In economics, elasticity is the ratio of the change in one variable with respect to change in another variable, such as the responsiveness of the price of a commodity to changes in market demand or visa-versa. In terms of elasticity, a market or good can be described as elastic or inelastic as a means of describing its responsiveness to the change in another quantity. In economics, the definition of elasticity is based on the mathematical notion of point elasticity[citation needed]. For example, it applies to price elasticity of demand and price elasticity of supply, in which case the functions of the interest are Qd(P) and Qs(P). When working with graphs, it is common to put Quantity on x-axis and Price on y-axis, thus the function of the interest is x(y) rather than commonly used in mathematics y(x).
Definition home economics education?
Importance of elasticity in economics
All Of These ( A+ )
price elasticity income elasticity cross elasticity promotional elasticity
adam
The best definition is that by Lionel Robins, "Economics is the social sciences which studies human behavior as a relationship between ends and scare means which has alternative uses"
In economics, elasticity is the ratio of the change in one variable with respect to change in another variable, such as the responsiveness of the price of a commodity to changes in market demand or visa-versa. In terms of elasticity, a market or good can be described as elastic or inelastic as a means of describing its responsiveness to the change in another quantity. In economics, the definition of elasticity is based on the mathematical notion of point elasticity[citation needed]. For example, it applies to price elasticity of demand and price elasticity of supply, in which case the functions of the interest are Qd(P) and Qs(P). When working with graphs, it is common to put Quantity on x-axis and Price on y-axis, thus the function of the interest is x(y) rather than commonly used in mathematics y(x).
Definition home economics education?
The efficient use of scarce productive resources.
economics
10 definition of economics by defferent authors
Very good answer here: http://tutor2u.net/economics/content/topics/elasticity/elastic.htm
In economics , the cross elasticity of demand and cross price elasticity of demand measures the responsiveness of the quantity demand of a good to a change in the price of another good.