Don't lose your points!
Sign up and save them.
+
3 Tutorials that teach Defining Elasticity
Take your pick:
Defining Elasticity

Defining Elasticity

Author: Justin Tapp
Description:

This lesson will explain Defining Elasticity

(more)
See More
Fast, Free College Credit

Developing Effective Teams

Let's Ride
*No strings attached. This college course is 100% free and is worth 1 semester credit.

28 Sophia partners guarantee credit transfer.

263 Institutions have accepted or given pre-approval for credit transfer.

* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 25 of Sophia’s online courses. More than 2,000 colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Tutorial
Terms to Know
Elastic

Demand that easily responds to the changes of other economic variables.

Elasticity

Measurement of change in quantity demanded which indicates the sensitivity of one variable to characteristics of another variable or income.

Inelastic

Demand that does not respond easily to the changes of other economic variables.

Perfectly Elastic

Demand for goods and services change significantly due to change in price, resulting in a horizontal line on the demand curve.

Perfectly Inelastic

Demand for goods and services remains the same regardless of change in price, resulting in a vertical line on a demand curve.

Unit Elastic

Change in price proportionately changes the level of demand.

Formulas to Know
Elasticity

E space equals space fraction numerator percent sign increment Q over denominator percent sign increment P end fraction equals fraction numerator percent sign space C h a n g e space i n space Q u a n t i t y over denominator percent sign space C h a n g e space i n space P r i c e end fraction