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3 Tutorials that teach Defining Elasticity
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Defining Elasticity

Defining Elasticity

Author: Justin Tapp
Description:

This lesson will explain Defining Elasticity

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Tutorial
TERMS TO KNOW
  • Elasticity

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

  • Elastic

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

  • 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.