Difference between revisions of "Elasticity"
(Created page with "Elasticity is how much a percentage change in quantity demanded or quantity supplied is affected by a percentage change in price. ==Definition== According to Principles...") |
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Elasticity]]. How much a percentage change in quantity demanded or quantity supplied is affected by a percentage change in price. | :[[Elasticity]]. How much a percentage change in quantity demanded or quantity supplied is affected by a percentage change in price. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Elasticity]]. The percentage change in a variable caused by a 1-percent change in another variable. | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 14:42, 2 July 2020
Elasticity is how much a percentage change in quantity demanded or quantity supplied is affected by a percentage change in price.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Elasticity. How much a percentage change in quantity demanded or quantity supplied is affected by a percentage change in price.
According to Macroeconomics by Mankiw (7th edition),
- Elasticity. The percentage change in a variable caused by a 1-percent change in another variable.
