| Webster's Online Dictionary |
| Expressions | Domain | Definition | |
| Elasticity of demand | Energy | The ratio of the percentage change in the quantity of a good or service demanded to the percentage change in the price. (references) | |
| Price elasticity of demand | Agriculture | The relationship between the change in the price of a commodity and the corresponding change in the quantity that is sold. If a small change in the price is accompanied by a relatively large change in the quantity sold, demand is said to be elastic (responsive to price changes). But if a large change in the price is accompanied by a small change in the quantity sold, demand is said to be inelastic. The demand for many farm products is relatively price inelastic. As a result of low price elasticity of demand, shifts in supply can have large impacts on prices. For example, the presence of surpluses results in disproportionately large price declines, and conversely shortages result in large price increases. For these reasons, agriculture often is described as an inherently unstable industry. (references) | |
| Price Elasticity of Demand | Transportation | A measure of the sensitivity of demand for a commodity to a change in its price. It equals the percentage change in consumption of the commodity that results from a one-percent change in its price. The greater the elasticity, the more price-sensitive the demand for the commodity. (references) | |
Source: compiled by the editor from various references; see credits. | Top | ||
Topics by Level of Interest: ELASTICITY OF DEMAND | ||||
| Topics sorted by level of Interest | Level (1=low, 600=high) | Topics sorted Alphabetically | Level (1=low, 600=high) | |
| Price elasticity of demand | 18 | Cross elasticity of demand | 7 | |
| Wealth elasticity of demand | 9 | Income elasticity of demand | 5 | |
| Cross elasticity of demand | 7 | Price elasticity of demand | 18 | |
| Income elasticity of demand | 5 | Wealth elasticity of demand | 9 | |
Source: the editor, created by/for EVE to gauge likely levels of human interest in linguistically triggered topics (compiled across various sources, such as Wikipedia and specialty expression glosses). | ||||
