What is elasticity?
In economics, elasticity is the measurement of how much one thing (such as quantity) changes when another thing (such as price) changes.
Elasticity = % Change in Quantity / % Change in Price
Sources and more resources
- Khan Academy – Elasticity Tutorial – Part of a large course on economics, this page is an introduction to different types of elasticity.
- Wikipedia – Elasticity (economics) – An overview of the concept of elasticity. It includes examples of different types of elasticity.
- Dr. Emma Hutchinson – Principles of Microeconomics – 4.1 Calculating Elasticity – Part of a textbook on microeconomics. How to calculate elasticity.
- Lumen Learning – Elasticity – Part of a larger course on microeconomics. This page summarizes elasticity with a number of examples.