| 单词 | elasticity |
| 释义 | elasticity The ratio between proportional change in one variable and proportional change in another. Economists find this concept useful because comparisons of proportional changes are pure ratios, independent of the units in which the variables, such as price or quantity, are measured. Price elasticity, sometimes own-price elasticity, compares proportional change in quantity of a good supplied or demanded with proportional change in price. Elasticity of supply is the ratio of proportional increase in quantity supplied to proportional increase in own price. Elasticity of demand is the ratio of proportional rise in quantity demanded to proportional fall in price. This is usually defined as - (p/q)(dq/dp), where p is price and q is quantity; the negative sign makes the elasticity of demand positive. This convention on signs is common but not universal; the usage adopted by any given author needs to be checked. Cross-price elasticity is the ratio of proportional increase in quantity demanded to proportional rise in the price of a related good. Income elasticity of demand is the ratio of proportional increase in quantity of a good demanded at an unchanged price to proportional increase in income. Elasticity of substitution is the ratio of proportional change in relative quantities of two goods demanded to proportional change in their relative prices. Where px and py are the prices of goods x and y and qx and qy are the quantities, the elasticity of substitution is defined as - [d(qx /qy)/d(px /py )] [(px /py )/(qx /qy )] to make its sign positive. As (x/y)(dy/dx) = d(log y)/d(log x), elasticity equals the ratio of changes in the logarithms of the two variables (with appropriate sign). The elasticities approach to devaluation considers the effects of devaluation on a country's balance of trade mainly by looking at a country's elasticity of supply of exports and elasticity of demand for imports, and the supply and demand elasticities of the rest of the world. See also: arc elasticity, point elasticity, and price elasticity |
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