In economics, elasticity is the measurement of how
 

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44283
Level 21 Chipist
post #44283 :: 2014.06.04 1:02pm :: edit 2014.06.04 1:02pm
  
  Slimeball and goluigi liēkd this
responsive an economic variable is to a change in another. For example:

"If I lower the price of my product, how much more will I sell?"
"If I raise the price of one good, how will that affect sales of this other good?"
"If we learn that a resource is becoming scarce, will people scramble to acquire it?"

An elastic variable (or elasticity value greater than 1) is one which responds more than proportionally to changes in other variables. In contrast, an inelastic variable (or elasticity value less than 1) is one which changes less than proportionally in response to changes in other variables.
 
 
44289
Level 14 Chipist
post #44289 :: 2014.06.04 2:09pm
  
  MKSTAR26, goluigi and Slimeball liēkd this
wowowow this ohc is very good
 
 

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