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  2. Elasticity (economics) - Wikipedia

    en.wikipedia.org/wiki/Elasticity_(economics)

    For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes.

  3. Consumer demand tests (animals) - Wikipedia

    en.wikipedia.org/wiki/Consumer_demand_tests...

    The rate (i.e. regression line) at which the animal decreases its acquisition or consumption of a resource as the cost increases is known as the elasticity of demand.A steep slope of decreasing access indicates a relatively low motivation for a resource, sometimes called 'high elasticity'; a shallow slope indicates relatively high motivation for a resource, sometimes called 'low elasticity ...

  4. Price elasticity of demand - Wikipedia

    en.wikipedia.org/wiki/Price_elasticity_of_demand

    The above measure of elasticity is sometimes referred to as the own-price elasticity of demand for a good, i.e., the elasticity of demand with respect to the good's own price, in order to distinguish it from the elasticity of demand for that good with respect to the change in the price of some other good, i.e., an independent, complementary, or ...

  5. Isoelastic function - Wikipedia

    en.wikipedia.org/wiki/Isoelastic_function

    An example in microeconomics is the constant elasticity demand function, in which p is the price of a product and D(p) is the resulting quantity demanded by consumers.For most goods the elasticity r (the responsiveness of quantity demanded to price) is negative, so it can be convenient to write the constant elasticity demand function with a negative sign on the exponent, in order for the ...

  6. Demand - Wikipedia

    en.wikipedia.org/wiki/Demand

    The price elasticity of demand is a measure of the sensitivity of the quantity variable, Q, to changes in the price variable, P. It shows the percent by which the quantity demanded will change as a result of a given percentage change in the price. Thus, a demand elasticity of -2 says that the quantity demanded will fall 2% if the price rises 1%.

  7. Elasticity - Wikipedia

    en.wikipedia.org/wiki/Elasticity

    Elasticity (economics), a general term for a ratio of change. For more specific economic forms of elasticity, see: Cross elasticity of demand; Elasticity of substitution; Frisch elasticity of labor supply; Income elasticity of demand; Output elasticity; Price elasticity of demand; Price elasticity of supply; Yield elasticity of bond value

  8. Law of demand - Wikipedia

    en.wikipedia.org/wiki/Law_of_demand

    The Cross elasticity of demand, also commonly referred to as the Cross-price elasticity of demand, allows companies to establish competitive prices against substitute goods and complementary goods. The metric figure produced by the equation thus determines the strength of both the relationship and competition between the two goods. [15]

  9. Rebound effect (conservation) - Wikipedia

    en.wikipedia.org/wiki/Rebound_effect_(conservation)

    Just as improved workplace tools result in an increased expectation of productivity, so does the increased availability of time result in an increase in demand for a service. [22] [40] [41] Research articles often examine increasingly convenient and more rapid modes of transportation to determine the rebound effect in energy demand. Because ...