Title |
Elasticity -- A Quantitative Approach
|
Author |
Samuel L. Baker |
|
Category
|
Consumer Economics
|
Subject |
Economics |
Type |
Interactive Tutorial |
Description |
The first elasticity tutorial took a qualitative approach to elasticity. The idea conveyed was
Elasticity = Responsiveness
The elasticity of Q with respect to P is the responsiveness of Q to changes in P.
Elasticity has a quantitative meaning, a specific way of measuring responsiveness.
Suppose P changes, and Q changes as a result.
The elasticity of Q with respect to P is the relative change in Q divided by the corresponding relative change in P.
|
URL |
http://hadm.sph.sc.edu/COURSES/ECON/Elas2/Elas2.html |
