Feb 5, 2025 · Elasticity is an economic term that describes the responsiveness of one variable to changes in another. It commonly refers to how demand changes in response to price.

In economics, elasticity measures the responsiveness of one economic variable to a change in another. [1] . For example, if the price elasticity of the demand of a good is −2, then a 10% …

elasticity, in economics, a measure of the responsiveness of one economic variable to another.

What is Elasticity? Elasticity is a general measure of the responsiveness of an economic variable in response to a change in another economic variable. Economists utilize elasticity to gauge …

Feb 26, 2017 · Elasticity is a concept which involves examining how responsive demand (or supply) is to a change in another variable such as price or income. The most common …

Mar 15, 2024 · Elasticity is a term frequently used in the field of economics to describe how the behavior of buyers and sellers responds to changes in a single variable, such as the price of a …

The meaning of ELASTICITY is the quality or state of being elastic. How to use elasticity in a sentence.

We can usefully divide elasticities into three broad categories: elastic, inelastic, and unitary. An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a …

Dec 11, 2023 · Elasticity is a method of measuring the likelihood of one economic factor affecting another, such as when the price of an item affects consumer demand or when supply affects …

Nov 1, 2025 · Elasticity is an economic concept that shows the responsiveness of one variable to changes in another. It is used in business to measure changes in demand with respect to price …