Elasticity is an economic concept that demonstrates the effect of a product price change on demand. For example, a product such as milk is an inelastic product, since a price change will not ...

Demand elasticity is a phenomenon where demand for a specific good or service changes depending on factors such as how it is priced, whether alternatives are available or local income trends.

Elasticity is responsiveness. It is a measure of change to one thing when something that affects it changes. When thinking about elasticity as it relates to business management, it is helpful to think ...

ECON 201 covers aspects of microeconomic theory involving competitive markets. Topics include the behavior of households and firms, partial equilibrium analysis of product and factor markets, and ...