Consumer demand fluctuates constantly, for many reasons. To discuss the effects of a specific factor on demand, economists use the term "elasticity" to describe how responsive consumers are. The more ...

Finding the right price for your goods and services is essential to maximizing your revenues, and one of the key factors in making this determination entails using price elasticity to predict marginal ...

The challenge is wrapping your head around the difference between elasticity and inelasticity of demand. Elasticity of demand measures how much the demand for a product or service changes relative to ...

Elasticity is a method of measuring the likelihood of one economic factor affecting another, such as when the price of an item affects consumer demand or when supply affects how much something costs.

In general, the higher the price of a product the lower the demand for it. However, this is truer in some cases than in others, and the extent to which it is true for each product is referred to as ...