| 单词 | elastic |
| 释义 | elastic More than unit proportional response of one variable to a proportional change in another. Elasticity of demand is defined as ε = - (p/q)(dq/dp), where p is price and q is quantity. If demand is elastic, ε > 1; the proportional rise in quantity is more than a proportional cut in price, so total spent rises as price falls. This is contrasted with inelastic demand, where ε < 1, so total spent falls as price falls. If supply is elastic, an increase in price increases supply more than in proportion. This is contrasted with inelastic supply, where an increase in price increases supply less than in proportion. |
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