Definitions for "Elasticity of Demand"
Related Terms:
Inelastic demand, Elastic demand, Elasticity of supply, Price elasticity of demand, Cross elasticity of demand, Law of demand, Price elasticity, Price elasticity of supply, Elasticity, Law of supply, Demand, Demand schedule, Income effect, Supply, Equilibrium price, Shortage, Quantity demanded, Producer price index, Ppi, Change in demand, Retail price, Wholesale price index, Inelastic, Consumer surplus, Msrp, Supply and demand, Price level, Resale price maintenance, Demand-pull inflation, Wholesale price, Quantity supplied, Demand curve, Market equilibrium, Supply schedule, Inflation, Market forces, Rpi, Giffen good, Equilibrium, Retail prices index, Price floor, Dumping, Deflation, Price ceiling, Retail sales, Discount store, Trade discount, Derived demand, Price discrimination, Normal good
the responsiveness of the quantity of a good or service demanded to changes in market price.
Price elasticity of demand is a measure of the responsiveness of buyers to price changes. Income elasticity of demand reflects the extent to which demand is affected by changes in income levels. Cross-elasticities indicate the impact of a change in the price of good A on the demand for good B.
How a price change affects the demand for a product.
The degree to which consumer demand for a product responds to changes in price, availability or other factors.
The ratio of the percentage change in the quantity of a good or service demanded to the percentage change in the price.
Consumers' receptiveness to price changes. As the price of luxury items increase, demand for items such as luxury cars and stereo systems usually decline because these goods are not essential and can be delayed. However, for inelastic items such as food and shelter, if the price rises, the need still exists and consumers will continue to make these purchases. See: Elasticity Of Supply; Equilibrium Price
Elasticity of demand is the responsiveness of consumers to changes in price. As the price of luxury goods increase, the consumer demand for these goods usually decreases because they are not essential for everyday living. However, the demand for daily necessities such as food, medicine and telephone service is inelastic because consumers cannot postpone the purchase of these items, even if the price increases, without adverse consequences.
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Elasticity of demand is the responsiveness of the quantity demanded of a good to a change in its price, other things remaining the same. It is equal to the percentage change in quantity demanded divided by the percentage change in price.
The degree to which customer demand responds to fluctuations in price, availability or other factors.
The extent of response in the demand for products and services, measured as the percentage change in demand resulting from a 1% increase in price. Where a 1% price increase led to reduced demand of more than 1%, demand is termed elastic, where this led to reduced demand of less than 1%, demand is termed inelastic.