What is elasticity of demand

First, think of 'elasticity' as a general word.it means "ability stretch". Therefore elasticity of demand could be understood to be how demand of a certain commodity strecthes or reacts in response to changes variables that affects demand.

CO
Answered by Cynthia O. Economics tutor

2700 Views

See similar Economics A Level tutors

Related Economics A Level answers

All answers ▸

How does the law of diminishing marginal utility affect the demand for a Veblen good?


Explain the difference between Long Run Total Costs and Short Run Total costs


Assume the market for Easter rabbits is currently at long term equilibrium. Assume Australia is the largest supplier of easter rabbits. A sudden explosion in the rabbit population of Australia leading up to Easter. How will the market react?


Explain the main reasons for government spending


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

MyTutor is part of the IXL family of brands:

© 2026 by IXL Learning