Elasticity of demand is an economics term meaning the relative change in quantity demanded for a good based on a particular price change. High price elasticity means that a particular change in price causes consumers to ... More »

While there are no perfect examples of unitary elastic demand in real life, a close example is clothing. Decreases in price of the supply, whether from a sale or discount store, often creates an approximately equal incre... More »

The "concept of elasticity of demand" measures the relationship between a change in the price of a product and the corresponding change in the quantity demanded of that product. The elasticity of demand may be perfectly ... More »

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Elasticity is a term that describes how much the demand or supply for a product or service changes in relation to that product’s price. Each product on the market today has a different level of elasticity. Products consi... More »

Price elasticity of demand illustrates how the quantity demanded of a good is affected by the change in price of that good. The determinants of price elasticity of demand are the availability of substitutes, size, durabi... More »

The price elasticity of demand is important because it illustrates the effect that a change in price has on the quantity demanded of a particular good. It may be perfectly elastic, perfectly inelastic or somewhere betwee... More »

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Another term for "equilibrium price" in economics is "market-clearing price," which is a price point at which the market achieves a balance in terms of supply and demand. When the market reaches a market-clearing price, ... More »