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3 Tutorials that teach Defining Elasticity
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Defining Elasticity

Defining Elasticity

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Author: Catherine Barry
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This lesson will explain Defining Elasticity

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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.