#economics #elasticity
Elasticity can be quantified as the ratio of the
percentage change in one variable to the percentage change in another variable, when the latter variable has a causal influence on the former
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Elasticity (economics) - Wikipedia, the free encyclopediahan 1) is one which responds more than proportionally to changes in other variables. In contrast, an inelastic variable (or elasticity value less than 1) is one which changes less than proportionally in response to changes in other variables.
<span>Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable, when the latter variable has a causal influence on the former. A more precise definition is given in terms of differential calculus. It is a tool for measuring the responsiveness of one variable to changes in another, causative variable. Elasticit Summary
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