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Demand elasticity |
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Demand elasticityNormally the price elasticity of demand. References to other elasticities of demand, such as the income elasticity are normally explicit. See import demand elasticity.Similar MatchesElasticity of substitutionElasticity of substitutionThe elasticity of the ratio of two inputs to a production (or utility) function with respect to the ratio of their marginal products (or utilities). With competitive demands, this is also the elasticity with respect to their price ratio. For example, with factors L,K and factor prices w,r, the elasticity of substitution of a production function F(K,L) is s = (wL/rK)d(K/L)/d(w/r). Import demand elasticityImport demand elasticityThe elasticity of demand for imports with respect to price. Import elasticityImport elasticityUsually means the import demand elasticity. ElasticityElasticityA measure of responsiveness of one economic variable to another -- usually the responsiveness of quantity to price along a supply or demand curve -- comparing percentage changes (%D) or changes in logarithms (d ln). The arc elasticity of x with respect to y is e = %Dx/%Dy. The point elasticity is e = d lnx/d lny = (y/x)(dx/dy). Arc elasticityArc elasticitySee elasticity Further SuggestionsCross elasticityIncome elasticity Supply elasticity Constant elasticity of substitution function Elasticity of demand for exports Elasticity of demand for imports Price elasticity Point elasticity Armington elasticity |
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