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elasticity of demand
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elasticity of demand


  economics:  the responsiveness of demand to price where a large drop in demand for a small increase in price is considered elastic and a small drop in demand for a large increase in price is considered inelastic
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elasticity of demand demand elasticity
Strongly Associated with:   elasticity of supply
Notes:
Measured mathematically as the percentage change in the quantity demanded of a product, divided by the percentage change in the price charged. Elasticity is relative, but generally, if a 1% price increase results in less than a 1% drop in demand, the demand curve might be described as inelastic.
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Associated words [difficulty]:   elasticity of demand
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Most commonly used in these subjects:   Business, Public Policy & Politics, Science
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