What is Elasticity Economics

Elasticity is a concept that is used in economics to quantify how sensitive one economic variable is to a change in another economic variable. In the event if the price elasticity of demand for a certain item is -2, then a 10% rise in price results in a 20% decrease in the quantity of the item that is requested. In the field of economics, elasticity is a concept that helps readers comprehend how the behavior of buyers and sellers shifts in response to changes in price. In terms of demand and supply, there are two distinct forms of elasticity: the first type is known as inelastic demand and supply, while the second type is known as elastic demand and supply.

How you will benefit

(I) Insights, and validations about the following topics:

Chapter 1: Elasticity (economics)

Chapter 2: Monopoly

Chapter 3: Supply and demand

Chapter 4: Deadweight loss

Chapter 5: Profit maximization

Chapter 6: Price elasticity of demand

Chapter 7: Cross elasticity of demand

Chapter 8: Substitute good

Chapter 9: Price elasticity of supply

Chapter 10: Law of demand

Chapter 11: Demand curve

Chapter 12: Marginal revenue

Chapter 13: Total revenue test

Chapter 14: Tax incidence

Chapter 15: Demand

Chapter 16: Supply (economics)

Chapter 17: Derived demand

Chapter 18: Elasticity of a function

Chapter 19: Income elasticity of demand

Chapter 20: Total revenue

Chapter 21: Monopoly price

(II) Answering the public top questions about elasticity economics.

(III) Real world examples for the usage of elasticity economics in many fields.

Who this book is for

Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Elasticity Economics.