#economics #elasticity
Elasticity has the advantage of being a unitless ratio, independent of the type of quantities being varied.
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Elasticity (economics) - Wikipedia, the free encyclopediable, 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. <span>Elasticity has the advantage of being a unitless ratio, independent of the type of quantities being varied. Frequently used elasticities include price elasticity of demand, price elasticity of supply, income elasticity of demand, elasticity of substitution between factors of production and ela Summary
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