Cryptocurrency Q&A
What is the relationship between price and elasticity?
What is the relationship between price and elasticity?
CherryBlossomPetal
Thu Jan 23 2025
|
6
answers
1536
I'm trying to understand the connection between price and elasticity. How do they relate to each other in economics? I want to know how changes in price affect the elasticity of demand or supply.
6 answers
MysticGlider
Sat Jan 25 2025
Elasticity in economics refers to the responsiveness of quantity demanded to changes in price.
Was this helpful?
128
57
GyeongjuGlorious
Sat Jan 25 2025
When a product's quantity demanded changes more than the price, it is labeled as elastic.
Was this helpful?
268
56
CryptoEmpireGuard
Fri Jan 24 2025
This means that consumers are sensitive to price fluctuations and are willing to adjust their purchases accordingly.
Was this helpful?
253
51
KimonoGlory
Fri Jan 24 2025
Conversely, if the change in quantity purchased matches the price change, the product is considered to have unit price elasticity.
Was this helpful?
258
50
Valentina
Fri Jan 24 2025
In such cases, consumers' purchasing behavior is not significantly affected by price changes.
Was this helpful?
280
41
Load 5 more related questions
