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

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