Ancient Chinese Sports  >>>

Sat July 4th at 9:00pm
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How London Was Built: Utilities and Shopping

Sat July 4th at 11:00pm
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The British Empire In Colour: A Tryst With Destiny

Mon July 6th at 2:00am
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elasticity

In economics, the measure of response of one variable to changes in another. Such measures are used to test the effects of changes in prices and incomes on demand and supply.

Price elasticity of demand measures the responsiveness of changes in quantity demanded to a change in price of the product. It is measured by the formula:

percentage change in quantity demanded / percentage change in price

For example, if the price of butter is reduced by 10% and the demand increases by 20%, the price elasticity of demand is +2.

Goods with a price elasticity of less than 1 are said to be inelastic. Goods with a price elasticity greater than 1 are said to be elastic. Necessities such as water tend to be inelastic: the demand remains much the same even if the price changes considerably.

Income elasticity of demand measures the responsiveness of changes in quantity demanded to a change in income. It is measured by the formula:

percentage change in quantity demanded / percentage change in income

For example, if incomes rise by 10% and the demand for meat increases by 20%, then the income elasticity of demand is +2.


From the Hutchinson Encyclopedia of World History. © Research Machines plc [2006] All Rights Reserved, Helicon Publishing is a division of Research Machines.
 
 

1776: United States declares independence
After a decade of economic conflict with Great Britain, the 13 colonies answer King George III's... More >
 
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Ancient Chinese Sports

Ancient Chinese Sports

Catapulting viewers into a sporting world that few knew existed, a world that thrived centuries... More >

Sat 4 Jul 9.00pm
The Plague (Part 2 of 2)

The Plague (Part 2 of 2)

In 1437, the worst biological disaster in history swept... More >

Sat 4 Jul 10.00pm