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Cataloged Resource Summary

 

Title

Elasticity -- A Quantitative Approach

Author

Samuel L. Baker

Category

Consumer Economics

Subject

Economics

Type

Interactive Tutorial

Description

The first elasticity tutorial took a qualitative approach to elasticity. The idea conveyed was Elasticity = Responsiveness The elasticity of Q with respect to P is the responsiveness of Q to changes in P. Elasticity has a quantitative meaning, a specific way of measuring responsiveness. Suppose P changes, and Q changes as a result. The elasticity of Q with respect to P is the relative change in Q divided by the corresponding relative change in P.

URL

http://hadm.sph.sc.edu/COURSES/ECON/Elas2/Elas2.html
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