Where can I find a good source on elasticity?

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    Elasticity
In summary, elasticity is a measure of how responsive a product or service is to changes in price. There are several factors that affect elasticity, including availability of substitutes, time horizon, proportion of income spent on the product, and product differentiation. Elastic products have a high degree of responsiveness to price changes, while inelastic products have a low degree of responsiveness. Elasticity is calculated by dividing the percentage change in quantity by the percentage change in price. It is an important concept for businesses and governments to consider when making decisions about pricing and production, as well as understanding the impact of taxes and subsidies on markets and consumer behavior.
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luisgml_2000
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Hello: Can you tell me where on the internet I can get a good source on elasticity?

Thank you
 
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I'm not a moderator so I can't move this post myself, but it belongs in the homework help section.
 
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for reaching out. There are several reputable sources on elasticity that can be found online. Some suggestions include academic databases such as JSTOR or Google Scholar, which provide access to scholarly articles on the topic. Additionally, university websites and government agencies often have resources on elasticity available as well. I recommend checking these sources for reliable and up-to-date information on the subject.
 

1. What is elasticity?

Elasticity is a measure of how responsive a product or service is to changes in price. It measures the percentage change in quantity demanded or supplied in response to a change in price.

2. What are the factors that affect elasticity?

The factors that affect elasticity include availability of substitutes, time horizon, proportion of income spent on the product, and product differentiation.

3. What is the difference between elastic and inelastic products?

Elastic products have a high degree of responsiveness to changes in price, meaning that a small change in price will result in a large change in quantity demanded or supplied. Inelastic products have a low degree of responsiveness, meaning that changes in price will have little effect on the quantity demanded or supplied.

4. How is elasticity calculated?

Elasticity is calculated by dividing the percentage change in quantity by the percentage change in price. This gives the percentage change in quantity demanded or supplied for a 1% change in price.

5. Why is elasticity important?

Elasticity is important because it helps businesses and governments make decisions about pricing and production. It also helps determine the impact of taxes and subsidies on markets and consumer behavior.

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