| 单词 | elasticity of demand |
| 释义 | elasticity of demand The ratio between proportional change in quantity demanded and proportional change in price. This is on the assumption that income and other prices remain unchanged. It is common to insert a minus sign in the definition, so where q is quantity and p is price, elasticity of demand is given by ε = - (p/q)(dq/dp). This is to get the elasticity positive, to avoid confusion when discussing larger or smaller elasticities. Some authors do not use the minus sign, however; it is necessary to check the notation in use. See also: cross-elasticity of demand, and income elasticity of demand |
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