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

Ask an Expert

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

Write your message here..

Related Questions

Wage determination, WAGE DETERMINATION, POLICY AND THEORIES Wages and ... WAGE DETERMINATION, POLICY AND THEORIES Wages and salaries are rewards to labour as a factor of production of goods and services.  In ordinary speech a distinction is frequent

Types of elasticity, what are the examples of the types of elasticity (pri... what are the examples of the types of elasticity (price,income & cross elaticity

Uses of production function, The production function can have many uses. It... The production function can have many uses. It can be used to compute least-cost factor combination for a given output or maximum output combination for a given cost. Knowledge of

#title., #Plot the demand schedule and draw the demand curve for the data g... #Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.question..

Define the analysis of mathematical functions, Time domain: Time domain is... Time domain: Time domain is a term which is used to define the analysis of mathematical functions or physical signals, with respect to time. In the time domain, signal or function

#Profit as a business Objective, Write on one theory of profit. Profit as r... Write on one theory of profit. Profit as rent of ability: one of the most widely known theories of profit was propounded by F.A. Walker. According to him profit is the rent of is t

fiscal policy, What do you mean by the fiscal policy? What are the instrum... What do you mean by the fiscal policy? What are the instruments of fiscal policy? Briefly comment on India's fiscal policy.

Structural unemployment, Structural unemployment    Caused by structura... Structural unemployment    Caused by structural changes such that there exist: Cyclical unemployment : During depression, prices are too low and profit margins remain d

Opportunity costs, When Burton Cummings graduated with honors from the Cana... When Burton Cummings graduated with honors from the Canadian Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truc

Average revenue (ar), Average Revenue (AR) This is the revenue per uni... Average Revenue (AR) This is the revenue per unit of the commodity sold.  It is obtained by dividing Total Revenue by total quantity sold.  For a firm in a perfectly competiti