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Elasticity measures how responsive a variable is to changes in another variable, commonly used in economics to assess how supply and demand react to price changes. A product is considered elastic if a small change in price leads to a significant change in quantity demanded or supplied, while it is inelastic if quantity changes little with price shifts. Elasticity can also apply to various contexts, including income and cross-price elasticity, reflecting different relationships between variables. Overall, it provides valuable insights into consumer behavior and market dynamics.
What else can I help you with?
What is the price elasticity in a oligopoly?
in oligopoly what is the nature of price elasticity
What is the determinants of price elasticity of demand?
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
Why do economist use percentage change to calculate elasticity of demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Why do economists use percentage change to calculate elasticity demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
What are different types of 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.
What is the price elasticity in a oligopoly?
in oligopoly what is the nature of price elasticity
What does gum have to do with math?
Maybe the elasticity or selling price. Something of that nature.
What is the determinants of price elasticity of demand?
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
Why do economist use percentage change to calculate elasticity of demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
Why do economists use percentage change to calculate elasticity demand?
They use percentage change because of the nature of the unit being described. The elasticity of demand specifies how much percentage demanded changes in response to a 1% increase in price.
In economics what are the types of elasticity?
price elasticity income elasticity cross elasticity promotional elasticity
What are different types of 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.
How does nature of a commodity influence its Price Elasticity of demand?
Depends on what type of good like perishable or non perishable, durable and non durable.
What items have elasticity?
Gum has elasticity.
What are the 3 types of elasticity?
1)price elasticity of demand 2)income elasticity of demand 3)cross elasticity of demand
Describe three determinants of demand elasticity?
These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk
Is elasticity in cotton?
No, there is no elasticity in cotton at all
