Home > Terms > Armenian (HY) > ճկունություն, էլաստիկություն
ճկունություն, էլաստիկություն
A measure of the responsiveness of one variable to changes in another. Economists have identified four main types. * price elasticity measures how much the quantity of supply of a good, or demand for it, changes if its price changes. If the percentage change in quantity is more than the percentage change in price, the good is price elastic; if it is less, the good is inelastic. * income elasticity of demand measures how the quantity demanded changes when income increases. * Cross-elasticity shows how the demand for one good (say, coffee) changes when the price of another good (say, tea) changes. If they are substitute goods (tea and coffee) the cross-elasticity will be positive: an increase in the price of tea will increase demand for coffee. If they are complementary goods (tea and teapots) the cross-elasticity will be negative. If they are unrelated (tea and oil) the cross-elasticity will be zero. * Elasticity of substitution describes how easily one input in the production process, such as labor, can be substituted for another, such as machinery.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Contributor
Featured blossaries
Browers Terms By Category
- Dating(35)
- Romantic love(13)
- Platonic love(2)
- Family love(1)
Love(51) Terms
- Conferences(3667)
- Event planning(177)
- Exhibition(1)
Convention(3845) Terms
- Natural gas(4949)
- Coal(2541)
- Petrol(2335)
- Energy efficiency(1411)
- Nuclear energy(565)
- Energy trade(526)
Energy(14403) Terms
- Hand tools(59)
- Garden tools(45)
- General tools(10)
- Construction tools(2)
- Paint brush(1)
Tools(117) Terms
- Authors(2488)
- Sportspeople(853)
- Politicians(816)
- Comedians(274)
- Personalities(267)
- Popes(204)