Elastic

Constant Unitary Elasticity: When a given percent change in price leads to an equal percentage change in quantity demanded or supplied.

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.

Elastic Demand: When the elasticity of demand is greater than one, indicating a high responsiveness of quantity demanded to changes in price.

Elastic Supply: When the elasticity of supply is greater than one, indicating a high responsiveness of quantity supplied to changes in price.

Elasticity: An economics concept that measures the responsiveness of one variable to changes in another variable.

Elasticity of Savings: The percentage change in the quantity of savings divided by the percentage change in interest rates.

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; low responsiveness by consumers to price changes.

Inelastic Supply: When the elasticity of supply is less than one, indicating that a 1% increase in price paid to the firm results in less than a 1% increase in production; low responsiveness of the firm to price increases.

Infinite Elasticity: The extremely elastic situation of demand or supply where quantity changes by an infinite amount in response to any change in price; appears horizontal.

Perfect Elasticity: A synonym for infinite elasticity.

Perfect Inelasticity: A synonym for zero elasticity.

Price Elasticity: The relationship between the percentage change in price and the corresponding percentage change in quantity demanded or supplied.

Price Elasticity of Demand: The percentage change in the quantity demanded of a good or service divided by the percentage change in price.

Price Elasticity of Supply: The percentage change in the quantity supplied divided by the percentage change in price.

Tax Incidence: The manner in which the tax burden is divided between buyers and sellers.

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.

Wage Elasticity of Labor Supply: The percentage change in hours worked divided by the percentage change in wages.

Zero Inelasticity: The highly inelastic case of demand or supply in which a percentage change in price results in zero change in quantity, appearing vertical.