Cryptocurrency Q&A
How to find elasticity?
How to find elasticity?
Fri Jan 10 2025
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7 answers
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I'm trying to figure out how to determine elasticity. I need to understand the process of calculating or measuring elasticity, whether it's for a product, service, or market demand. Any guidance on this would be helpful.
7 answers
Sun Jan 12 2025
Conversely, when elasticity is less than 1, the situation is deemed inelastic. This implies a lesser sensitivity of quantity demanded to fluctuations in price.
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Sun Jan 12 2025
The elasticity of demand can differ at various points along a demand curve. It is not a fixed value but varies according to the price and quantity levels considered.
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Sun Jan 12 2025
Elasticity is a measure derived from the percentage change in quantity demanded relative to the percentage change in price.
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Sun Jan 12 2025
Economists use different methods to calculate elasticity, depending on the specific context and the information available.
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Sun Jan 12 2025
One such method involves using the midpoint formula, which provides a more accurate estimate when dealing with large changes in price and quantity.
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