Elasticity (Economics)

Elasticity (Economics)

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Price elasticity of demand measures the percentage change in quantity demanded caused by a percent change in price. As such, it measures the extent of movement along the demand curve. This elasticity is almost always negative and is usually expressed in terms of absolute value (i.e. as positive numbers) since the negative can be assumed. In these terms, then, if the elasticity is greater than 1 demand is said to be elastic; between zero and one demand is inelastic and if it equals one, demand is unit-elastic. A perfectly elastic demand curve is horizontal (with an elasticity of infinity) whereas a perfectly inelastic demand curve is vertical (with an elasticity of 0).show more

Product details

  • Paperback | 60 pages
  • 152 x 229 x 4mm | 100g
  • Utilpublishing
  • United States
  • English
  • black & white illustrations
  • 6136203782
  • 9786136203782