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Elasticity (economics)

Elasticity (economics) Definition

In economics, elasticity is a measure of the incremental percentage change in one variable with respect to an incremental percentage change in another variable. Elasticity is almost always referred to as a positive value, meaning that people use the absolute value in the case of a kind of elasticity that is normally negative.

RELATED TERMS
Inelasticity
RELATED CATEGORIES
Economy




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