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<h2>Introduction: Elasticity in Areas Other Than Price</h2>
<p>The basic idea of elasticity—how a percentage change in one variable causes a percentage change in another variable—does not just apply to the responsiveness of supply and demand to changes in the price of a product.</p>
<p>Recall that quantity demanded (Qd) depends on income, tastes and preferences, the prices of related goods, and so on, as well as price. Similarly, quantity supplied (Qs) depends on the cost of production, and so on, as well as price. Elasticity can be measured for any determinant of supply and demand, not just the price.</p>
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Elasticity in Areas Other Than Price

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Learn about the economic concept of elasticity, including key concepts and polar cases, how to calculate price elasticity of demand and supply, the impact of price changes on revenue and costs, and elasticity in areas beyond price, such as income and cross-price elasticity.


Elasticity in Areas Other Than Price

Introduction: Elasticity in Areas Other Than Price

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