# Elasticity (Microeconomics) Calculator

LAST UPDATE: June 20th, 2018

## 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.

## Formula

Elasticity = % Change in Quantity / % Change in Price

$\text{Elasticity} = \frac{\frac{\text{Q2 - Q1}}{\text{Q1}}}{\frac{\text{P2 - P1}}{\text{P1}}}$