Elasticity

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8 Terms

1
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Inelastic

1 > x

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Elastic

1 < x

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perfectly elastic

x = 1

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Perfectly elastic

x = 0

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arc elasticity formula

(Q1 + Q2)/ ((Q1-Q2)/2) / (P1 + P2)/ ((P1-P2)/2)

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normal elasticity formula

(Q1-Q2)/ Q1 / (P1-P2)/P1

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What does arc elasticity measure

the responsiveness of demand to price changes over a range of values on a larger scale

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What does elasticity measure

the responsiveness of one variable to changes in another variable on a smaller scale