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Elasticity is a measure of how sensitive one economic variable is to changes in another variable. It is commonly used to describe the responsiveness of quantity demanded or supplied to changes in price, income, or other factors affecting demand or supply.

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1y ago

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Related Questions

What is the definition of price elasticity on demand?

the higher the price,the shorter the quantity


What is the definition of a word that means something that can be bent and then return to its original form?

elasticity


What is in elasticity?

In science, elasticity is the tendency of a material to return to its original size and shape when it is released from being stretched or compressed. By this definition steel is more elastic than rubber.


According to physics what is the definition of elasticity?

Elasticity in physics refers to the property of a material to return to its original shape after a deforming force is removed. It is characterized by the material's ability to store and release energy when deformed. The degree of elasticity is determined by the material's stiffness and resilience.


What is the best definition of elasticity in economics?

Elasticity in economics refers to the responsiveness of one variable to changes in another. It measures how the quantity demanded or supplied of a good reacts to changes in price, income, or other factors. Common types include price elasticity of demand, which indicates how much demand changes with price fluctuations, and income elasticity, which assesses how demand varies with income changes. Overall, elasticity helps to understand consumer behavior and market dynamics.


In economics what are the types of elasticity?

price elasticity income elasticity cross elasticity promotional elasticity


What is the definition of perfect elastic?

AKA Infinite elasticity of demand. Means a change in price will not effect quantity demanded. Such as necessary goods/services to survival.


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 elasticity in science?

In science, elasticity is the tendency of a material to return to its original size and shape when it is released from being stretched or compressed. By this definition steel is more elastic than rubber.


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


Is elasticity in cotton?

No, there is no elasticity in cotton at all