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Elasticity |
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ElasticityA 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).Similar MatchesConstant elasticity of substitution functionConstant elasticity of substitution functionSee CES function Income elasticityIncome elasticityNormally the income elasticity of demand; that is, the elasticity of demand with respect to income. Cross elasticityCross elasticity1. An elasticity that has been ignored by a student in a problem set. 2. The elasticity of supply or demand for one good or service with respect to the price of another. Elasticity of demand for exportsElasticity of demand for exportsThis is normally the price elasticity of demand for exports of a country, either for a single industry or for the aggregate of all imports. Equals the rest of world's elasticity of demand for imports, which therefore also enters the Marshall-Lerner condition. Armington elasticityArmington elasticityThe elasticity of substitution between products of different countries. Further SuggestionsPoint elasticityElasticity of substitution Demand elasticity Import elasticity Import demand elasticity Elasticity of demand for imports Price elasticity Arc elasticity Supply elasticity |
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