The responsiveness of one variable over a change on another variable is called elasticity. Mathematically, elasticity is defined as the percentage change in one variable divided by the percentage change in another variable.
Elasticity = % change X ÷ % Change in Y
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A few topics related to elasticity that are of great importance in economics as seen in B schools are described below.
Price Elasticity of Demand: The responsiveness of the quantity demanded for a product to as a result of the change in price of the same product is price elasticity of demand.
Modulus of Elasticity: Modulus of elasticity is defined as the ratio of the stress applied to a body to the strain that result in the body in response to it.
Elasticity of Substitution: Responsiveness of the buyer of goods/services to the price changes in its substitutes is called elasticity of substitution.
Elasticity is a very important topic in economics. Elasticity has a wide range of applications in economics as well.
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Graduate Tutor's expert tutors consist of MBA, CPAs or CFAs who can provide you elasticity homework help tutoring in addition to other economics tutoring. Email us for more information.
