Elasticity

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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.

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