Elastic
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Last updated 4:01 PM on 2/27/25
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18 Terms
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Constant Unitary Elasticity
When a given percent change in price leads to an equal percentage change in quantity demanded or supplied.
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Cross-Price Elasticity of Demand
The percentage change in the quantity of good A demanded as a result of a percentage change in the price of good B.
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Elastic Demand
When the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded to changes in price.
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Elastic Supply
When the elasticity of supply is greater than one, indicating a high responsiveness of quantity supplied to changes in price.
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Elasticity
An economics concept that measures the responsiveness of one variable to changes in another variable.
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Elasticity of Savings
The percentage change in the quantity of savings divided by the percentage change in interest rates.
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Inelastic Demand
When the elasticity of demand is less than one, indicating that a 1% increase in price results in less than a 1% change in purchases.
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Inelastic Supply
When the elasticity of supply is less than one, indicating that a 1% increase in price results in less than a 1% increase in production.
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Infinite Elasticity
The extremely elastic situation of demand or supply where quantity changes by an infinite amount due to any change in price.
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Perfect Elasticity
A synonym for infinite elasticity.
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Perfect Inelasticity
A synonym for zero elasticity.
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Price Elasticity
The relationship between the percentage change in price and the corresponding percentage change in quantity demanded or supplied.
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Price Elasticity of Demand
The percentage change in the quantity demanded of a good or service divided by the percentage change in price.
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Price Elasticity of Supply
The percentage change in the quantity supplied divided by the percentage change in price.
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Tax Incidence
The manner in which the tax burden is divided between buyers and sellers.
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Unitary Elasticity
When the calculated elasticity is equal to one, indicating that a change in price results in a proportional change in the quantity demanded or supplied.
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Wage Elasticity of Labor Supply
The percentage change in hours worked divided by the percentage change in wages.
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Zero Inelasticity
The highly inelastic case of demand or supply in which a percentage change in price results in zero change in quantity.
