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الموضوع: The Responsiveness of Demand and Supply

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    The Responsiveness of Demand and Supply

    Definition:-
    Elasticity A measure of how much one economic variable responds to changes in another economic variable.


    Price elasticity of demand
    The responsiveness of the quantity demanded to a change in price, measured by dividing the percentage change in the quantity demanded of a product by the percentage change in the product’s price.




    Elastic Demand and Inelastic Demand
    Elastic demand Demand is elastic when the percentage change in quantity demanded is greater than the percentage change in price, so the price elasticity is greater than 1 in absolute value.
    Inelastic demand Demand is inelastic when the percentage change in quantity demanded is less than the percentage change in price, so the price elasticity is less than 1 in absolute value.
    Unit-elastic demand Demand is unit-elastic when the percentage change in quantity demanded is equal to the percentage change in price, so the price elasticity is equal to –1.
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