Elasticity of demand, Managerial Economics

Definition of Elasticity

Is defined as the ratio of the relative change of one (dependent) variable to changes in another (independent) variable, or it's a percentage change of one variable given a one percent change in another.

Elasticity of Demand

Measures the extent to which the quantity demanded of a good responds to changes in one of the factors affecting demand.

Posted Date: 11/27/2012 6:22:16 AM | Location : United States







Related Discussions:- Elasticity of demand, Assignment Help, Ask Question on Elasticity of demand, Get Answer, Expert's Help, Elasticity of demand Discussions

Write discussion on Elasticity of demand
Your posts are moderated
Related Questions
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?

Determine the Market demand curve Market demand curve is the horizontal summation of individual demand curves. The individual demand schedules plotted graphically and summed up

A company is selling a  particular brand of tea and wishes to introduce a new flavor. How will the company forecast demand for it.


The Social Cost of Unemployment i.      For the individual, there is the demoralizing effect which can be devastating particularly when they are old.  This is because as some

ROLE OF SCARCITY IN MANAGEMENT DECISION MAKING

Mark works for Maple Feel Inc., which exports maple syrup to Slovakia. Currently, he generates $60,000 a year of net revenues for the firm and his salary is $60,000 per year. Mark

Q. Can you explain about Demand Forecasting? Demand forecasting involves forecasting and estimating the quantity of a service or product that consumers will buy in future. It a


how realistic is the sales maximization model from experience with business objectives as pursued by Zimbabwean firms