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class="vector-toc-numb">2</span> <span>Definition</span> </div> </a> <ul id="toc-Definition-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Example_of_calculation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Example_of_calculation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Example of calculation</span> </div> </a> <ul id="toc-Example_of_calculation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Maximizing_revenue" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Maximizing_revenue"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Maximizing revenue</span> </div> </a> <ul id="toc-Maximizing_revenue-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Types_of_elasticity" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Types_of_elasticity"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Types of elasticity</span> </div> </a> <button aria-controls="toc-Types_of_elasticity-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Types of elasticity subsection</span> </button> <ul id="toc-Types_of_elasticity-sublist" class="vector-toc-list"> <li id="toc-Price_elasticity_of_demand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Price_elasticity_of_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Price elasticity of demand</span> </div> </a> <ul id="toc-Price_elasticity_of_demand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Price_elasticity_of_supply" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Price_elasticity_of_supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Price elasticity of supply</span> </div> </a> <ul id="toc-Price_elasticity_of_supply-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Income_elasticity_of_demand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Income_elasticity_of_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.3</span> <span>Income elasticity of demand</span> </div> </a> <ul id="toc-Income_elasticity_of_demand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cross-price_elasticity_of_demand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cross-price_elasticity_of_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.4</span> <span>Cross-price elasticity of demand</span> </div> </a> <ul id="toc-Cross-price_elasticity_of_demand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Elasticity_of_scale" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Elasticity_of_scale"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.5</span> <span>Elasticity of scale</span> </div> </a> <ul id="toc-Elasticity_of_scale-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Determinants_of_elasticity" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Determinants_of_elasticity"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Determinants of elasticity</span> </div> </a> <button aria-controls="toc-Determinants_of_elasticity-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Determinants of elasticity subsection</span> </button> <ul id="toc-Determinants_of_elasticity-sublist" class="vector-toc-list"> <li id="toc-Factors_affecting_price_elasticity_of_demand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Factors_affecting_price_elasticity_of_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Factors affecting price elasticity of demand</span> </div> </a> <ul id="toc-Factors_affecting_price_elasticity_of_demand-sublist" class="vector-toc-list"> <li id="toc-Availability_of_substitutes" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Availability_of_substitutes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.1</span> <span>Availability of substitutes</span> </div> </a> <ul id="toc-Availability_of_substitutes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Product_is_necessity_or_luxury" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Product_is_necessity_or_luxury"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.2</span> <span>Product is necessity or luxury</span> </div> </a> <ul id="toc-Product_is_necessity_or_luxury-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Time_elapsed_since_price_changed" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Time_elapsed_since_price_changed"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.3</span> <span>Time elapsed since price changed</span> </div> </a> <ul id="toc-Time_elapsed_since_price_changed-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Percentage_Income_spent_on_the_good" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Percentage_Income_spent_on_the_good"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1.4</span> <span>Percentage Income spent on the good</span> </div> </a> <ul id="toc-Percentage_Income_spent_on_the_good-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Factors_affecting_price_elasticity_of_supply" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Factors_affecting_price_elasticity_of_supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Factors affecting price elasticity of supply</span> </div> </a> <ul id="toc-Factors_affecting_price_elasticity_of_supply-sublist" class="vector-toc-list"> <li id="toc-Availability_of_scarce_resources_in_the_market" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Availability_of_scarce_resources_in_the_market"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.1</span> <span>Availability of scarce resources in the market</span> </div> </a> <ul id="toc-Availability_of_scarce_resources_in_the_market-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Number_of_competitors_in_the_industry" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Number_of_competitors_in_the_industry"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.2</span> <span>Number of competitors in the industry</span> </div> </a> <ul id="toc-Number_of_competitors_in_the_industry-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Others" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Others"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2.3</span> <span>Others</span> </div> </a> <ul id="toc-Others-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Applications" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Applications"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Applications</span> </div> </a> <ul id="toc-Applications-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Variants" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Variants"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Variants</span> </div> </a> <ul id="toc-Variants-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Elasticity (economics)</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" 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Available in 43 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-43" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">43 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D9%85%D8%B1%D9%88%D9%86%D8%A9_(%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF)" title="مرونة (اقتصاد) – Arabic" lang="ar" hreflang="ar" data-title="مرونة (اقتصاد)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Elastiklik_(iqtisadiyyat)" title="Elastiklik (iqtisadiyyat) – Azerbaijani" lang="az" hreflang="az" data-title="Elastiklik (iqtisadiyyat)" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%B8%E0%A7%8D%E0%A6%A5%E0%A6%BF%E0%A6%A4%E0%A6%BF%E0%A6%B8%E0%A7%8D%E0%A6%A5%E0%A6%BE%E0%A6%AA%E0%A6%95%E0%A6%A4%E0%A6%BE_(%E0%A6%85%E0%A6%B0%E0%A7%8D%E0%A6%A5%E0%A6%A8%E0%A7%80%E0%A6%A4%E0%A6%BF)" title="স্থিতিস্থাপকতা (অর্থনীতি) – Bangla" lang="bn" hreflang="bn" data-title="স্থিতিস্থাপকতা (অর্থনীতি)" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%95%D0%BB%D0%B0%D1%81%D1%82%D0%B8%D1%87%D0%BD%D0%BE%D1%81%D1%82_%D0%BD%D0%B0_%D1%82%D1%8A%D1%80%D1%81%D0%B5%D0%BD%D0%B5%D1%82%D0%BE_%D0%B8_%D0%BF%D1%80%D0%B5%D0%B4%D0%BB%D0%B0%D0%B3%D0%B0%D0%BD%D0%B5%D1%82%D0%BE" title="Еластичност на търсенето и предлагането – Bulgarian" lang="bg" hreflang="bg" data-title="Еластичност на търсенето и предлагането" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Elasti%C4%8Dnost_(ekonomija)" title="Elastičnost (ekonomija) – Bosnian" lang="bs" hreflang="bs" data-title="Elastičnost (ekonomija)" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Elasticitat_(economia)" title="Elasticitat (economia) – Catalan" lang="ca" hreflang="ca" data-title="Elasticitat (economia)" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Cenov%C3%A1_elasticita" title="Cenová elasticita – Czech" lang="cs" hreflang="cs" data-title="Cenová elasticita" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Elasticitet_(%C3%B8konomi)" title="Elasticitet (økonomi) – Danish" lang="da" hreflang="da" data-title="Elasticitet (økonomi)" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Elastizit%C3%A4t_(Wirtschaft)" title="Elastizität (Wirtschaft) – German" lang="de" hreflang="de" data-title="Elastizität (Wirtschaft)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Elasticidad_(econom%C3%ADa)" title="Elasticidad (economía) – Spanish" lang="es" hreflang="es" data-title="Elasticidad (economía)" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Elastikotasun_(ekonomia)" title="Elastikotasun (ekonomia) – Basque" lang="eu" hreflang="eu" data-title="Elastikotasun (ekonomia)" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%DA%A9%D8%B4%D8%B4_(%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF)" title="کشش (اقتصاد) – Persian" lang="fa" hreflang="fa" data-title="کشش (اقتصاد)" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/%C3%89lasticit%C3%A9_(%C3%A9conomie)" title="Élasticité (économie) – French" lang="fr" hreflang="fr" data-title="Élasticité (économie)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Elasticidade_(econom%C3%ADa)" title="Elasticidade (economía) – Galician" lang="gl" hreflang="gl" data-title="Elasticidade (economía)" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%83%84%EB%A0%A5%EC%84%B1" title="탄력성 – Korean" lang="ko" hreflang="ko" data-title="탄력성" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%B7%D5%AC%D5%A1%D5%BD%D5%BF%D5%AB%D5%AF%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6_(%D5%BF%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6)" title="Էլաստիկություն (տնտեսական) – Armenian" lang="hy" hreflang="hy" data-title="Էլաստիկություն (տնտեսական)" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B2%E0%A5%8B%E0%A4%9A" title="लोच – Hindi" lang="hi" hreflang="hi" data-title="लोच" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Elasti%C4%8Dnost_(ekonomija)" title="Elastičnost (ekonomija) – Croatian" lang="hr" hreflang="hr" data-title="Elastičnost (ekonomija)" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Elastisitas_(ekonomi)" title="Elastisitas (ekonomi) – Indonesian" lang="id" hreflang="id" data-title="Elastisitas (ekonomi)" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Teygni" title="Teygni – Icelandic" lang="is" hreflang="is" data-title="Teygni" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Elasticit%C3%A0_(economia)" title="Elasticità (economia) – Italian" lang="it" hreflang="it" data-title="Elasticità (economia)" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%92%D7%9E%D7%99%D7%A9%D7%95%D7%AA_(%D7%9B%D7%9C%D7%9B%D7%9C%D7%94)" title="גמישות (כלכלה) – Hebrew" lang="he" hreflang="he" data-title="גמישות (כלכלה)" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Elastisite" title="Elastisite – Haitian Creole" lang="ht" hreflang="ht" data-title="Elastisite" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="https://lo.wikipedia.org/wiki/%E0%BA%84%E0%BA%A7%E0%BA%B2%E0%BA%A1%E0%BA%8D%E0%BA%B7%E0%BA%94%E0%BA%8D%E0%BA%B8%E0%BB%88%E0%BA%99" title="ຄວາມຍືດຍຸ່ນ – Lao" lang="lo" hreflang="lo" data-title="ຄວາມຍືດຍຸ່ນ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target"><span>ລາວ</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Rugalmass%C3%A1g_(k%C3%B6zgazdas%C3%A1gtan)" title="Rugalmasság (közgazdaságtan) – Hungarian" lang="hu" hreflang="hu" data-title="Rugalmasság (közgazdaságtan)" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%95%D0%BB%D0%B0%D1%81%D1%82%D0%B8%D1%87%D0%BD%D0%BE%D1%81%D1%82_(%D0%B5%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%98%D0%B0)" title="Еластичност (економија) – Macedonian" lang="mk" hreflang="mk" data-title="Еластичност (економија)" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Elasticiteit_(economie)" title="Elasticiteit (economie) – Dutch" lang="nl" hreflang="nl" data-title="Elasticiteit (economie)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%BC%BE%E5%8A%9B%E6%80%A7" title="弾力性 – Japanese" lang="ja" hreflang="ja" data-title="弾力性" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Elastisitet_(%C3%B8konomi)" title="Elastisitet (økonomi) – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Elastisitet (økonomi)" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz badge-Q17559452 badge-recommendedarticle mw-list-item" title="recommended article"><a href="https://uz.wikipedia.org/wiki/Elastiklik_(iqtisodiyot)" title="Elastiklik (iqtisodiyot) – Uzbek" lang="uz" 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id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Economic principle</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Inelastic" redirects here. 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.mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In <a href="/wiki/Economics" title="Economics">economics</a>, <b>elasticity</b> measures the responsiveness of one economic variable to a change in another.<sup id="cite_ref-:1_1-0" class="reference"><a href="#cite_note-:1-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers and sellers with price changes. There are two types of elasticity for demand and supply, one is inelastic demand and supply and the other one is elastic demand and supply.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Introduction">Introduction</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=1" title="Edit section: Introduction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Alfred_Marshall_-_Principles_of_Economics_(1890),_Prometheus_Books.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/60/Alfred_Marshall_-_Principles_of_Economics_%281890%29%2C_Prometheus_Books.JPG/220px-Alfred_Marshall_-_Principles_of_Economics_%281890%29%2C_Prometheus_Books.JPG" decoding="async" width="220" height="293" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/60/Alfred_Marshall_-_Principles_of_Economics_%281890%29%2C_Prometheus_Books.JPG/330px-Alfred_Marshall_-_Principles_of_Economics_%281890%29%2C_Prometheus_Books.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/60/Alfred_Marshall_-_Principles_of_Economics_%281890%29%2C_Prometheus_Books.JPG/440px-Alfred_Marshall_-_Principles_of_Economics_%281890%29%2C_Prometheus_Books.JPG 2x" data-file-width="500" data-file-height="667" /></a><figcaption>Principles of Economics (1890) -- Alfred Marshall</figcaption></figure> <p>The concept of price elasticity was first cited in an informal form in the book <i><a href="/wiki/Principles_of_Economics_(Marshall_book)" title="Principles of Economics (Marshall book)">Principles of Economics</a></i> published by the author <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a> in 1890.<sup id="cite_ref-Concept_of_elasticity_3-0" class="reference"><a href="#cite_note-Concept_of_elasticity-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Subsequently, a major study of the <a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">price elasticity of supply</a> and the <a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">price elasticity of demand</a> for US products was undertaken by Joshua Levy and Trevor Pollock in the late 1960s.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Elasticity is an important concept in <a href="/wiki/Neoclassical_economic_theory" class="mw-redirect" title="Neoclassical economic theory">neoclassical economic theory</a>, and enables in the understanding of various economic concepts, such as the <a href="/wiki/Incidence_of_indirect_taxation" class="mw-redirect" title="Incidence of indirect taxation">incidence of indirect taxation</a>, <a href="/wiki/Marginal_concepts" title="Marginal concepts">marginal concepts</a> relating to the <a href="/wiki/Theory_of_the_firm" title="Theory of the firm">theory of the firm</a>, <a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">distribution of wealth</a>, and different <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">types of goods</a> relating to the <a href="/wiki/Theory_of_consumer_choice" class="mw-redirect" title="Theory of consumer choice">theory of consumer choice</a>. An understanding of elasticity is also important when discussing <a href="/wiki/Welfare_economics" title="Welfare economics">welfare</a> distribution, in particular <a href="/wiki/Consumer_surplus" class="mw-redirect" title="Consumer surplus">consumer surplus</a>, <a href="/wiki/Producer_surplus" class="mw-redirect" title="Producer surplus">producer surplus</a>, or <a href="/wiki/Government_surplus" class="mw-redirect" title="Government surplus">government surplus</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Elasticity is present throughout many economic theories, with the concept of elasticity appearing in several main indicators. These include <a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">price elasticity of demand</a>, <a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">price elasticity of supply</a>, <a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">income elasticity of demand</a>, <a href="/wiki/Elasticity_of_substitution" title="Elasticity of substitution">elasticity of substitution</a> between <a href="/wiki/Factors_of_production" title="Factors of production">factors of production</a>, <a href="/wiki/Cross-price_elasticity_of_demand" class="mw-redirect" title="Cross-price elasticity of demand">cross-price elasticity of demand</a>, and <a href="/wiki/Elasticity_of_intertemporal_substitution" title="Elasticity of intertemporal substitution">elasticity of intertemporal substitution</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>In <a href="/wiki/Differential_calculus" title="Differential calculus">differential calculus</a>, elasticity is a tool for measuring the responsiveness of one variable to changes in another causative variable. Elasticity can be quantified as the ratio of the <a href="/wiki/Percent_change" class="mw-redirect" title="Percent change">percentage change</a> in one variable to the percentage change in another variable when the latter variable has a causal influence on the former and all other conditions remain the same. For example, the factors that determine consumers' choice of goods mentioned in consumer theory include the price of the goods, the consumer's disposable budget for such goods, and the substitutes of the goods.<sup id="cite_ref-Concept_of_elasticity_3-1" class="reference"><a href="#cite_note-Concept_of_elasticity-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Within <a href="/wiki/Microeconomics" title="Microeconomics">microeconomics</a>, elasticity and slope are closely linked. For price elasticity, the relationship between the two variables on the x-axis and y-axis can be obtained by analyzing the linear slope of the demand or supply curve or the tangent to a point on the curve. When the tangent of the straight line or curve is steeper, the price elasticity (demand or supply) is smaller; when the tangent of the straight line or curve is flatter, the price elasticity (demand or supply) is higher.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p><a rel="nofollow" class="external text" href="https://saylordotorg.github.io/text_microeconomics-theory-through-applications/s21-02-elasticity.html">Elasticity is a unitless</a> ratio, independent of the type of quantities being varied. An <i>elastic</i> variable (with an absolute elasticity value greater than 1) responds more than proportionally to changes in other variables. A <i>unit elastic</i> variable (with an absolute elasticity value equal to 1) responds proportionally to changes in other variables. In contrast, an <i>inelastic</i> variable (with an absolute elasticity value less than 1) changes less than proportionally in response to changes in other variables. A variable can have different values of its elasticity at different starting points. For example, for the suppliers of the goods, the quantity of a good supplied by producers might be elastic at low prices but inelastic at higher prices, so that a rise from an initially low price might bring on a more-than-proportionate increase in quantity supplied. In contrast, a raise from an initially high price might bring on a less-than-proportionate rise in quantity supplied.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>In empirical work, an elasticity is the estimated coefficient in a linear regression equation where both the dependent variable and the independent variable are in natural logs. Elasticity is a popular tool among empiricists because it is independent of units and thus simplifies data analysis.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=2" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Elasticity is the measure of the sensitivity of one variable to another.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> A highly elastic variable will respond more dramatically to changes in the variable it is dependent on. The x-elasticity of y measures the fractional response of y to a fraction change in x, which can be written as </p> <dl><dd>x-elasticity of y: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \varepsilon ={\frac {\partial y/y}{\partial x/x}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ε</mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">∂</mi> <mi>y</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>y</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <mi>x</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>x</mi> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \varepsilon ={\frac {\partial y/y}{\partial x/x}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/833960588d3413a4fa9cae757db75bc7439950ea" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.671ex; width:10.158ex; height:6.509ex;" alt="{\displaystyle \varepsilon ={\frac {\partial y/y}{\partial x/x}}}"></span></dd></dl> <p>In economics, the common elasticities (price elasticity of demand, price elasticity of supply, and cross-price elasticity) all have the same form: </p> <dl><dd>P-elasticity of Q: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \varepsilon ={\frac {\partial Q/Q}{\partial P/P}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ε</mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">∂</mi> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>Q</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>P</mi> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \varepsilon ={\frac {\partial Q/Q}{\partial P/P}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/9b4ac98dba2c273f4a41d2393543ea6f9dc6a892" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.671ex; width:11.175ex; height:6.509ex;" alt="{\displaystyle \varepsilon ={\frac {\partial Q/Q}{\partial P/P}}}"></span> if <a href="/wiki/Continuous_function" title="Continuous function">continuous</a>, or <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \varepsilon ={\frac {\frac {Q_{2}-Q_{1}}{Q_{1}}}{\frac {P_{2}-P_{1}}{P_{1}}}}={\frac {\%\ {\mbox{change in quantity Q}}}{\%\ {\mbox{change in price P}}}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ε</mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mfrac> <mrow> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> <mo>−</mo> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mrow> <msub> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mfrac> <mfrac> <mrow> <msub> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>2</mn> </mrow> </msub> <mo>−</mo> <msub> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mrow> <msub> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mn>1</mn> </mrow> </msub> </mfrac> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi mathvariant="normal">%</mi> <mtext> </mtext> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="false" scriptlevel="0"> <mtext>change in quantity Q</mtext> </mstyle> </mrow> </mrow> <mrow> <mi mathvariant="normal">%</mi> <mtext> </mtext> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="false" scriptlevel="0"> <mtext>change in price P</mtext> </mstyle> </mrow> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \varepsilon ={\frac {\frac {Q_{2}-Q_{1}}{Q_{1}}}{\frac {P_{2}-P_{1}}{P_{1}}}}={\frac {\%\ {\mbox{change in quantity Q}}}{\%\ {\mbox{change in price P}}}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1d8172a98cb7b8292fccc21717d16cc86e1c910b" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -4.171ex; width:38.97ex; height:9.676ex;" alt="{\displaystyle \varepsilon ={\frac {\frac {Q_{2}-Q_{1}}{Q_{1}}}{\frac {P_{2}-P_{1}}{P_{1}}}}={\frac {\%\ {\mbox{change in quantity Q}}}{\%\ {\mbox{change in price P}}}}}"></span> if discrete.</dd></dl> <table class="wikitable"> <tbody><tr> <td><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle |\varepsilon |>1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mi>ε</mi> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mo>></mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle |\varepsilon |>1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/78be49a886f7cc724f255b78f4525d980ee69b67" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:6.638ex; height:2.843ex;" alt="{\displaystyle |\varepsilon |>1}"></span></td> <td>elastic</td> <td>Q changes more than P </td></tr> <tr> <td><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle |\varepsilon |=1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mi>ε</mi> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mo>=</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle |\varepsilon |=1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/bea18c0957e9440c315575b7878f5d70fcb7d0fc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:6.638ex; height:2.843ex;" alt="{\displaystyle |\varepsilon |=1}"></span></td> <td>unit elastic</td> <td>Q changes like P </td></tr> <tr> <td><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle |\varepsilon |<1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mi>ε</mi> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mo><</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle |\varepsilon |<1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/f13274a0d91d5141a50d9eb67e3352ff4436e66f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:6.638ex; height:2.843ex;" alt="{\displaystyle |\varepsilon |<1}"></span></td> <td>inelastic</td> <td>Q changes less than P </td></tr></tbody></table> <p>Suppose price rises by 1%. If the elasticity of supply is 0.5, quantity rises by .5%; if it is 1, quantity rises by 1%; if it is 2, quantity rises by 2%. </p><p>Special cases: </p> <dl><dd>Perfectly elastic: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \varepsilon \rightarrow \infty }"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ε</mi> <mo stretchy="false">→</mo> <mi mathvariant="normal">∞</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \varepsilon \rightarrow \infty }</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/5725312b39275e8862f6a0b234acacaf3e94be7a" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:7.021ex; height:1.843ex;" alt="{\displaystyle \varepsilon \rightarrow \infty }"></span>; quantity has an infinite response to even a small price change.</dd> <dd>Perfectly inelastic: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \varepsilon =0}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ε</mi> <mo>=</mo> <mn>0</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \varepsilon =0}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/0cbe653d369abd71fc0be98efbf59e9edc1bdfb2" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:5.344ex; height:2.176ex;" alt="{\displaystyle \varepsilon =0}"></span>; quantity does not respond at all to a price change.</dd></dl> <div class="mw-heading mw-heading2"><h2 id="Example_of_calculation">Example of calculation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=3" title="Edit section: Example of calculation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Suppose the demand curve is <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle P=-2Q+4}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> <mo>=</mo> <mo>−</mo> <mn>2</mn> <mi>Q</mi> <mo>+</mo> <mn>4</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle P=-2Q+4}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/4af4e291109aac920cb694c9e707fa8d7180fca1" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:13.656ex; height:2.509ex;" alt="{\displaystyle P=-2Q+4}"></span> </p><p>Then </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Q={\dfrac {P-4}{-2}}={\dfrac {4-P}{2}}=2-{\dfrac {P}{2}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Q</mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mrow> <mi>P</mi> <mo>−</mo> <mn>4</mn> </mrow> <mrow> <mo>−</mo> <mn>2</mn> </mrow> </mfrac> </mstyle> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mrow> <mn>4</mn> <mo>−</mo> <mi>P</mi> </mrow> <mn>2</mn> </mfrac> </mstyle> </mrow> <mo>=</mo> <mn>2</mn> <mo>−</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mi>P</mi> <mn>2</mn> </mfrac> </mstyle> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Q={\dfrac {P-4}{-2}}={\dfrac {4-P}{2}}=2-{\dfrac {P}{2}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/c893a453aae555486ef9f4ad3adf046966622e9d" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.005ex; width:30.887ex; height:5.343ex;" alt="{\displaystyle Q={\dfrac {P-4}{-2}}={\dfrac {4-P}{2}}=2-{\dfrac {P}{2}}}"></span> </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\dfrac {\partial Q}{\partial P}}=-{\dfrac {1}{2}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mrow> <mi mathvariant="normal">∂</mi> <mi>Q</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <mi>P</mi> </mrow> </mfrac> </mstyle> </mrow> <mo>=</mo> <mo>−</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mn>1</mn> <mn>2</mn> </mfrac> </mstyle> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\dfrac {\partial Q}{\partial P}}=-{\dfrac {1}{2}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/65c493f66df0baca2b20c9a582fc21c2c9b5e1b4" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.005ex; width:10.898ex; height:5.509ex;" alt="{\displaystyle {\dfrac {\partial Q}{\partial P}}=-{\dfrac {1}{2}}}"></span> </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\dfrac {P}{Q}}=-2+{\dfrac {4}{Q}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mi>P</mi> <mi>Q</mi> </mfrac> </mstyle> </mrow> <mo>=</mo> <mo>−</mo> <mn>2</mn> <mo>+</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mn>4</mn> <mi>Q</mi> </mfrac> </mstyle> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\dfrac {P}{Q}}=-2+{\dfrac {4}{Q}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b90751297ae7218672f676ba2d7598b0113a5706" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:14.258ex; height:5.676ex;" alt="{\displaystyle {\dfrac {P}{Q}}=-2+{\dfrac {4}{Q}}}"></span> </p><p>The price-elasticity of demand will be: </p><p><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \epsilon ={\dfrac {\partial Q/Q}{\partial P/P}}={\dfrac {\partial Q}{\partial P}}{\dfrac {P}{Q}}=-{\dfrac {1}{2}}\left(-2+{\dfrac {4}{Q}}\right)=1-{\dfrac {4}{2Q}}=1-{\dfrac {2}{Q}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ϵ</mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mrow> <mi mathvariant="normal">∂</mi> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>Q</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>/</mo> </mrow> <mi>P</mi> </mrow> </mfrac> </mstyle> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mrow> <mi mathvariant="normal">∂</mi> <mi>Q</mi> </mrow> <mrow> <mi mathvariant="normal">∂</mi> <mi>P</mi> </mrow> </mfrac> </mstyle> </mrow> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mi>P</mi> <mi>Q</mi> </mfrac> </mstyle> </mrow> <mo>=</mo> <mo>−</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mn>1</mn> <mn>2</mn> </mfrac> </mstyle> </mrow> <mrow> <mo>(</mo> <mrow> <mo>−</mo> <mn>2</mn> <mo>+</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mn>4</mn> <mi>Q</mi> </mfrac> </mstyle> </mrow> </mrow> <mo>)</mo> </mrow> <mo>=</mo> <mn>1</mn> <mo>−</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mn>4</mn> <mrow> <mn>2</mn> <mi>Q</mi> </mrow> </mfrac> </mstyle> </mrow> <mo>=</mo> <mn>1</mn> <mo>−</mo> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mfrac> <mn>2</mn> <mi>Q</mi> </mfrac> </mstyle> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \epsilon ={\dfrac {\partial Q/Q}{\partial P/P}}={\dfrac {\partial Q}{\partial P}}{\dfrac {P}{Q}}=-{\dfrac {1}{2}}\left(-2+{\dfrac {4}{Q}}\right)=1-{\dfrac {4}{2Q}}=1-{\dfrac {2}{Q}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/f15d6ce754e5b66bc6c08193db538d18e1be9232" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.671ex; width:60.714ex; height:6.509ex;" alt="{\displaystyle \epsilon ={\dfrac {\partial Q/Q}{\partial P/P}}={\dfrac {\partial Q}{\partial P}}{\dfrac {P}{Q}}=-{\dfrac {1}{2}}\left(-2+{\dfrac {4}{Q}}\right)=1-{\dfrac {4}{2Q}}=1-{\dfrac {2}{Q}}}"></span> </p> <div class="mw-heading mw-heading2"><h2 id="Maximizing_revenue">Maximizing revenue</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=4" title="Edit section: Maximizing revenue"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Seller revenue (or, alternatively, <a href="/wiki/Consumer_expenditure" class="mw-redirect" title="Consumer expenditure">consumer expenditure</a>) is maximized when <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle \varepsilon =-1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>ε</mi> <mo>=</mo> <mo>−</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle \varepsilon =-1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/fef345e58640da23acb41e6685d2cb7fe0638e2c" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.505ex; width:7.153ex; height:2.343ex;" alt="{\displaystyle \varepsilon =-1}"></span> (unit elasticity) because at that point a change in price is exactly cancelled by the quantity response, leaving the <a href="/wiki/Total_revenue" title="Total revenue">total revenue</a> <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle PQ}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> <mi>Q</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle PQ}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/56648d25dcb487300d460480dec33d3c713fe4ca" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:3.584ex; height:2.509ex;" alt="{\displaystyle PQ}"></span> unchanged. To maximize revenue, a firm must decrease price if demand is inelastic: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle |\varepsilon |<1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mi>ε</mi> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mo><</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle |\varepsilon |<1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/f13274a0d91d5141a50d9eb67e3352ff4436e66f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:6.638ex; height:2.843ex;" alt="{\displaystyle |\varepsilon |<1}"></span> and increase price if demand is elastic: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle |\varepsilon |>1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mi>ε</mi> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mo>></mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle |\varepsilon |>1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/78be49a886f7cc724f255b78f4525d980ee69b67" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:6.638ex; height:2.843ex;" alt="{\displaystyle |\varepsilon |>1}"></span> </p><p>As the total revenue is unchanged, we have that </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\frac {d}{dt}}(PQ)=P{\frac {d}{dt}}Q+Q{\frac {d}{dt}}P=0}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>d</mi> <mrow> <mi>d</mi> <mi>t</mi> </mrow> </mfrac> </mrow> <mo stretchy="false">(</mo> <mi>P</mi> <mi>Q</mi> <mo stretchy="false">)</mo> <mo>=</mo> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>d</mi> <mrow> <mi>d</mi> <mi>t</mi> </mrow> </mfrac> </mrow> <mi>Q</mi> <mo>+</mo> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>d</mi> <mrow> <mi>d</mi> <mi>t</mi> </mrow> </mfrac> </mrow> <mi>P</mi> <mo>=</mo> <mn>0</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\frac {d}{dt}}(PQ)=P{\frac {d}{dt}}Q+Q{\frac {d}{dt}}P=0}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/164d690dbad908ad0bf62ab33418242b555578d0" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.005ex; width:31.435ex; height:5.509ex;" alt="{\displaystyle {\frac {d}{dt}}(PQ)=P{\frac {d}{dt}}Q+Q{\frac {d}{dt}}P=0}"></span></dd></dl> <p>So </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle P{\frac {dQ}{dt}}=-Q{\frac {dP}{dt}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi>d</mi> <mi>Q</mi> </mrow> <mrow> <mi>d</mi> <mi>t</mi> </mrow> </mfrac> </mrow> <mo>=</mo> <mo>−</mo> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi>d</mi> <mi>P</mi> </mrow> <mrow> <mi>d</mi> <mi>t</mi> </mrow> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle P{\frac {dQ}{dt}}=-Q{\frac {dP}{dt}}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/1ee1a4c874ebbddf2fba08bab3f571ba3f6cfc78" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.005ex; width:16.178ex; height:5.509ex;" alt="{\displaystyle P{\frac {dQ}{dt}}=-Q{\frac {dP}{dt}}}"></span></dd></dl> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle PdQ=-QdP}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> <mi>d</mi> <mi>Q</mi> <mo>=</mo> <mo>−</mo> <mi>Q</mi> <mi>d</mi> <mi>P</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle PdQ=-QdP}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/479ce30fd1c95b2285fc1aed542a16dd57a0a03b" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:14.506ex; height:2.509ex;" alt="{\displaystyle PdQ=-QdP}"></span></dd></dl> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\frac {PdQ}{QdP}}=-1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow> <mi>P</mi> <mi>d</mi> <mi>Q</mi> </mrow> <mrow> <mi>Q</mi> <mi>d</mi> <mi>P</mi> </mrow> </mfrac> </mrow> <mo>=</mo> <mo>−</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\frac {PdQ}{QdP}}=-1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b30836fe6b6b896591a4a055f34a97f195edf0a7" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -2.338ex; width:11.705ex; height:5.843ex;" alt="{\displaystyle {\frac {PdQ}{QdP}}=-1}"></span></dd></dl> <p>The cancellation of the <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle dt}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>d</mi> <mi>t</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle dt}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/ebee76a835701fd1f26047a09855f2ea36bb08fc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:2.055ex; height:2.176ex;" alt="{\displaystyle dt}"></span>'s is justified by the fact that both time differentials are non-zero and the same. </p><p>The elasticity of demand is different at different points of a demand curve, so for most demand functions, including linear demand, a firm following this advice will find some price at which <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle |\varepsilon |=1}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mi>ε</mi> <mrow class="MJX-TeXAtom-ORD"> <mo stretchy="false">|</mo> </mrow> <mo>=</mo> <mn>1</mn> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle |\varepsilon |=1}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/bea18c0957e9440c315575b7878f5d70fcb7d0fc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:6.638ex; height:2.843ex;" alt="{\displaystyle |\varepsilon |=1}"></span> and further price changes would reduce revenue. (This is not true for some theoretical demand functions: <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Q^{d}=3P^{-.5}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <msup> <mi>Q</mi> <mrow class="MJX-TeXAtom-ORD"> <mi>d</mi> </mrow> </msup> <mo>=</mo> <mn>3</mn> <msup> <mi>P</mi> <mrow class="MJX-TeXAtom-ORD"> <mo>−</mo> <mn>.5</mn> </mrow> </msup> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Q^{d}=3P^{-.5}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/9daf53b4afe18e32793342bb42765534c7c59bbe" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.671ex; width:11.803ex; height:3.009ex;" alt="{\displaystyle Q^{d}=3P^{-.5}}"></span> has an elasticity of -.5 for any value of <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle P}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>P</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle P}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/b4dc73bf40314945ff376bd363916a738548d40a" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.745ex; height:2.176ex;" alt="{\displaystyle P}"></span>, so revenue rises infinitely as price rises to infinity even though quantity approaches zero. See <a href="/wiki/Isoelastic_function" title="Isoelastic function">Isoelastic function</a>.) </p> <ul class="gallery mw-gallery-traditional"> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:04_perfect_P-elasticity.png" class="mw-file-description" title="Perfect P-elasticity of Q: P is constant as Q changes"><img alt="Perfect P-elasticity of Q: P is constant as Q changes" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/04_perfect_P-elasticity.png/115px-04_perfect_P-elasticity.png" decoding="async" width="115" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/11/04_perfect_P-elasticity.png/173px-04_perfect_P-elasticity.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/11/04_perfect_P-elasticity.png/231px-04_perfect_P-elasticity.png 2x" data-file-width="438" data-file-height="456" /></a></span></div> <div class="gallerytext">Perfect P-elasticity of Q: P is constant as Q changes</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:04_perfect_P-inelasticity.png" class="mw-file-description" title="Perfect P-inelasticity of Q: P changes while Q = constant"><img alt="Perfect P-inelasticity of Q: P changes while Q = constant" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/04_perfect_P-inelasticity.png/115px-04_perfect_P-inelasticity.png" decoding="async" width="115" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/eb/04_perfect_P-inelasticity.png/173px-04_perfect_P-inelasticity.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/eb/04_perfect_P-inelasticity.png/231px-04_perfect_P-inelasticity.png 2x" data-file-width="438" data-file-height="456" /></a></span></div> <div class="gallerytext">Perfect P-inelasticity of Q: P changes while Q = constant</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:04_elasticity_scheme1.png" class="mw-file-description" title="Conventional demand curve (downwards linear slope), with its elasticity"><img alt="Conventional demand curve (downwards linear slope), with its elasticity" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/04_elasticity_scheme1.png/120px-04_elasticity_scheme1.png" decoding="async" width="120" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/04_elasticity_scheme1.png/180px-04_elasticity_scheme1.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/04_elasticity_scheme1.png/240px-04_elasticity_scheme1.png 2x" data-file-width="360" data-file-height="319" /></a></span></div> <div class="gallerytext">Conventional demand curve (downwards linear slope), with its elasticity</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:04_elasticity_scheme2.png" class="mw-file-description" title="Example of demand curve with constant elasticity"><img alt="Example of demand curve with constant elasticity" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/04_elasticity_scheme2.png/120px-04_elasticity_scheme2.png" decoding="async" width="120" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/04_elasticity_scheme2.png/180px-04_elasticity_scheme2.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/04_elasticity_scheme2.png/240px-04_elasticity_scheme2.png 2x" data-file-width="360" data-file-height="319" /></a></span></div> <div class="gallerytext">Example of demand curve with constant elasticity</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:04_elasticity_scheme3.png" class="mw-file-description" title="Examples of supply curves with different elasticity"><img alt="Examples of supply curves with different elasticity" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/04_elasticity_scheme3.png/120px-04_elasticity_scheme3.png" decoding="async" width="120" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/04_elasticity_scheme3.png/180px-04_elasticity_scheme3.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f8/04_elasticity_scheme3.png/240px-04_elasticity_scheme3.png 2x" data-file-width="360" data-file-height="319" /></a></span></div> <div class="gallerytext">Examples of supply curves with different elasticity</div> </li> <li class="gallerybox" style="width: 155px"> <div class="thumb" style="width: 150px; height: 150px;"><span typeof="mw:File"><a href="/wiki/File:04_elasticity_scheme4.png" class="mw-file-description" title="Examples of a non-linear supply curve with its elasticity"><img alt="Examples of a non-linear supply curve with its elasticity" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/04_elasticity_scheme4.png/120px-04_elasticity_scheme4.png" decoding="async" width="120" height="106" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/04_elasticity_scheme4.png/180px-04_elasticity_scheme4.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d6/04_elasticity_scheme4.png/240px-04_elasticity_scheme4.png 2x" data-file-width="360" data-file-height="319" /></a></span></div> <div class="gallerytext">Examples of a non-linear supply curve with its elasticity</div> </li> </ul> <div class="mw-heading mw-heading2"><h2 id="Types_of_elasticity">Types of elasticity</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=5" title="Edit section: Types of elasticity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Price_elasticity_of_demand">Price elasticity of demand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=6" title="Edit section: Price elasticity of demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Formula_of_Price_Elasticity_Of_Demand_2.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/8/83/Formula_of_Price_Elasticity_Of_Demand_2.png" decoding="async" width="39" height="38" class="mw-file-element" data-file-width="39" data-file-height="38" /></a><figcaption>Formula for price elasticity of demand</figcaption></figure> <p><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a> measures sensitivity of demand to price. Thus, it measures the percentage change in demand in response to a change in price.<sup id="cite_ref-:2_11-0" class="reference"><a href="#cite_note-:2-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> More precisely, it gives the percentage change in quantity demanded in response to a one per cent change in price (<a href="/wiki/Ceteris_paribus" title="Ceteris paribus">ceteris paribus</a>, i.e. holding constant all the other determinants of demand, such as income). Expressing this mathematically, price elasticity of demand is calculated by dividing the percentage change in the quantity demanded by the percentage change in the price.<sup id="cite_ref-:4_12-0" class="reference"><a href="#cite_note-:4-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>If price elasticity of demand is calculated to be less than 1, the good is said to be inelastic. An inelastic good will respond less than proportionally to a change in price; for example, a price increase of 40% that results in a decrease in demand of 10%. </p><p>Goods that are inelastic often have at least one of the following characteristics: </p> <ul><li>Few, if any, available substitutes (e.g. precious metals)</li> <li>Essential goods (e.g. petrol)</li> <li>Addictive goods (e.g. alcohol, cigarettes)</li> <li>Bought infrequently or a small percentage of income (e.g. salt)</li></ul> <p>For goods with a high elasticity value, consumers will be more sensitive to price changes. For the average consumer, an increase in price of an inessential good with many available substitutes will often result in that consumer not purchasing the good at all, or purchasing one of the substitutes instead.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-halign-center" typeof="mw:File/Thumb"><a href="/wiki/File:Example_showing_Elasticity_of_demand.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Example_showing_Elasticity_of_demand.jpg/400px-Example_showing_Elasticity_of_demand.jpg" decoding="async" width="400" height="233" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/71/Example_showing_Elasticity_of_demand.jpg/600px-Example_showing_Elasticity_of_demand.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/7/71/Example_showing_Elasticity_of_demand.jpg 2x" data-file-width="762" data-file-height="444" /></a><figcaption></figcaption></figure> <p>Example: In the above graphical representation which shows an effect of prices on demand. If the price of the pizza is $20 at which the quantity demanded is 5, if there is an increase in price of pizza to $30 it will lead to decrease in quantity demanded to 3 which shows that small changes in the price of pizza lead to higher changes in quantity demanded. </p> <div class="mw-heading mw-heading3"><h3 id="Price_elasticity_of_supply">Price elasticity of supply</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=7" title="Edit section: Price elasticity of supply"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Price_elasticity_of_supply.PNG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Price_elasticity_of_supply.PNG/220px-Price_elasticity_of_supply.PNG" decoding="async" width="220" height="90" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Price_elasticity_of_supply.PNG/330px-Price_elasticity_of_supply.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9c/Price_elasticity_of_supply.PNG/440px-Price_elasticity_of_supply.PNG 2x" data-file-width="471" data-file-height="193" /></a><figcaption>Calculating the price elasticity of supply</figcaption></figure> <p>The <a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">price elasticity of supply</a> measures how the amount of a good that a supplier wishes to supply changes in response to a change in price.<sup id="cite_ref-Perloff,_J._2008._p.36_14-0" class="reference"><a href="#cite_note-Perloff,_J._2008._p.36-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> In a manner analogous to the price elasticity of demand, it captures the extent of horizontal movement along the <a href="/wiki/Supply_curve" class="mw-redirect" title="Supply curve">supply curve</a> relative to the extent of vertical movement. If supply elasticity is zero, the supply of a good supplied is "totally inelastic", and the quantity supplied is fixed. It is calculated by dividing the percentage change in quantity supplied by the percentage change in price.<sup id="cite_ref-:5_15-0" class="reference"><a href="#cite_note-:5-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The supply is said to be inelastic when the change in the prices leads to small changes in the quantity of supply. Whereas the elastic supply means the changes in prices causes higher changes in the quantity supplied. </p> <div class="mw-heading mw-heading3"><h3 id="Income_elasticity_of_demand">Income elasticity of demand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=8" title="Edit section: Income elasticity of demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Income_elasticity_of_demand_graph.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Income_elasticity_of_demand_graph.svg/170px-Income_elasticity_of_demand_graph.svg.png" decoding="async" width="170" height="170" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Income_elasticity_of_demand_graph.svg/255px-Income_elasticity_of_demand_graph.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2d/Income_elasticity_of_demand_graph.svg/340px-Income_elasticity_of_demand_graph.svg.png 2x" data-file-width="512" data-file-height="512" /></a><figcaption><a href="/wiki/Engels_curve" class="mw-redirect" title="Engels curve">Engels curves</a> showing <a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">income elasticity of demand</a> (YED) of <a href="/wiki/Normal_good" title="Normal good">normal goods</a> (comprising <span class="nowrap"><a href="/wiki/Luxury_goods" title="Luxury goods">luxury</a> (red)</span> and <span class="nowrap"><a href="/wiki/Necessity_good" title="Necessity good">necessity goods</a> (yellow)),</span> <span class="nowrap"><a class="mw-selflink selflink">perfectly inelastic</a> (green)</span> and <span class="nowrap"><a href="/wiki/Inferior_good" title="Inferior good">inferior goods</a> (blue)</span></figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></div> <p><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a> is a measure used to show the responsiveness of the quantity demanded of a good or service to a change in the consumer income. Mathematically, this is calculated by dividing the percentage change in the quantity demanded by the percentage change in income.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Generally, a higher income will increase quantity demanded as consumers will be willing to spend more. </p> <div class="mw-heading mw-heading3"><h3 id="Cross-price_elasticity_of_demand">Cross-price elasticity of demand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=9" title="Edit section: Cross-price elasticity of demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Cross-Price_Elasticity.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Cross-Price_Elasticity.jpg/412px-Cross-Price_Elasticity.jpg" decoding="async" width="412" height="72" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Cross-Price_Elasticity.jpg/618px-Cross-Price_Elasticity.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/53/Cross-Price_Elasticity.jpg/824px-Cross-Price_Elasticity.jpg 2x" data-file-width="3982" data-file-height="697" /></a><figcaption>Formula for cross-price elasticity</figcaption></figure> <p><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross-price elasticity of demand</a> (or cross elasticity of demand) measures the sensitivity between the quantity demanded in one good when there is a change in the price of another good.<sup id="cite_ref-:0_17-0" class="reference"><a href="#cite_note-:0-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> As a common elasticity, it follows a similar formula to price elasticity of demand. Thus, to calculate it the percentage change in the quantity of the first good is divided by the percentage change in price in the second good.<sup id="cite_ref-:0_17-1" class="reference"><a href="#cite_note-:0-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The related goods that may be used to determine sensitivity can be <a href="/wiki/Complementary_good" title="Complementary good">complements</a> or <a href="/wiki/Substitute_good" title="Substitute good">substitutes</a>.<sup id="cite_ref-:2_11-1" class="reference"><a href="#cite_note-:2-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Finding a high-cross price elasticity between the goods may indicate that they are more likely substitutes and may have similar characteristics.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> If cross-price elasticity is negative, the goods are likely to be <a href="/wiki/Complement_good" class="mw-redirect" title="Complement good">complements</a>. </p><p>Real-world examples of cross-price elasticity:<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <tbody><tr> <td><b>Product Under Investigation</b></td> <td><b>Comparison Product</b></td> <td><b>Price Elasticity</b> </td></tr> <tr> <td>US Domestic Tuna</td> <td>Imported Tuna</td> <td>0.45 </td></tr> <tr> <td>US Domestic Tuna</td> <td>Bread</td> <td>-0.33 </td></tr> <tr> <td>US Domestic Tuna</td> <td>Ground Meat</td> <td>0.3 </td></tr> <tr> <td>Beer</td> <td>Wine</td> <td>0.2 </td></tr> <tr> <td>Beer</td> <td>Soft Drinks</td> <td>0.3 </td></tr> <tr> <td>Transit</td> <td>Automobiles</td> <td>0.85 </td></tr> <tr> <td>Transportation</td> <td>Recreation</td> <td>-0.05 </td></tr> <tr> <td>Food</td> <td>Recreation</td> <td>0.15 </td></tr> <tr> <td>Clothing</td> <td>Food</td> <td>-0.18 </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Elasticity_of_scale">Elasticity of scale</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=10" title="Edit section: Elasticity of scale"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></div> <p><i>Elasticity of scale</i> or <i>output elasticity</i> measures the percentage change in output induced by a collective percent change in the usages of all inputs.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> A <a href="/wiki/Production_function" title="Production function">production function</a> or process is said to exhibit <a href="/wiki/Constant_returns_to_scale" class="mw-redirect" title="Constant returns to scale">constant returns to scale</a> if a percentage change in inputs results in an equal percentage in outputs (an elasticity equal to 1). It exhibits <a href="/wiki/Increasing_returns_to_scale" class="mw-redirect" title="Increasing returns to scale">increasing returns to scale</a> if a percentage change in inputs results in greater percentage change in output (an elasticity greater than 1). The definition of <a href="/wiki/Decreasing_returns_to_scale" class="mw-redirect" title="Decreasing returns to scale">decreasing returns to scale</a> is analogous.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Determinants_of_elasticity">Determinants of elasticity</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=11" title="Edit section: Determinants of elasticity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are various factors that may affect elasticity, and these factors differ for the types of elasticity. </p> <div class="mw-heading mw-heading3"><h3 id="Factors_affecting_price_elasticity_of_demand">Factors affecting price elasticity of demand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=12" title="Edit section: Factors affecting price elasticity of demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Availability_of_substitutes">Availability of substitutes</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=13" title="Edit section: Availability of substitutes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If a product has various available substitutes that exist in the market, it is likely that it would be elastic.<sup id="cite_ref-:3_25-0" class="reference"><a href="#cite_note-:3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> If a product has a competitive product at a cheaper price in the market in which it shares many characteristics with, it is likely that consumers would deviate to the cheaper substitute. Thus, if many substitutions existed in the market, a consumer would have more choices and the elasticity of demand would be higher (elastic). In contrast, if there were few substitutions that existed in the market, consumers will have fewer choices and little to no available substitutes which means elasticity of demand would be lower (inelastic).<sup id="cite_ref-:3_25-1" class="reference"><a href="#cite_note-:3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Product_is_necessity_or_luxury">Product is necessity or luxury</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=14" title="Edit section: Product is necessity or luxury"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If a product is a necessity to the survival or daily life of a consumer, it is likely to be inelastic.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> This is due to the fact that if a product is so intrinsically important to the daily life of a consumer, a change in price is not likely to affect its demand.<sup id="cite_ref-:1_1-1" class="reference"><a href="#cite_note-:1-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Time_elapsed_since_price_changed">Time elapsed since price changed</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=15" title="Edit section: Time elapsed since price changed"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If the price of a product is increasing and it has little available substitutes, it is likely that the consumer will still continue to pay this higher price.<sup id="cite_ref-:1_1-2" class="reference"><a href="#cite_note-:1-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The fact that the consumer needs the good in the short-run, means that he is likely to continue this action regardless in the long-run. This shows inelasticity of demand, because even if there is a huge increase of a product's price, there is no reduction of demand. However, if the consumer could not afford the new price of the product, they would likely have to learn to live without it, making the price elastic in the long-run.<sup id="cite_ref-:3_25-2" class="reference"><a href="#cite_note-:3-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Percentage_Income_spent_on_the_good">Percentage Income spent on the good</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=16" title="Edit section: Percentage Income spent on the good"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When the consumer spends a considerable portion of their income on goods, it shows elastic demand. This indicates that a change in the price of the goods will have a low impact on the consumer's <a href="/wiki/Marginal_propensity_to_consume" title="Marginal propensity to consume">marginal consumption propensity</a>. If the income spent by the consumer on the goods is in a small proportion of their total income which means the price elasticity of demand is low in such case.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>Alternatively, we may also determine the factors affecting demand elasticity by considering three "Intuitive factors. Firstly, we may consider that there is different nature of elasticity when weighting a "brand" of a product or a "category" of a product, a particular brand of product is subject to elasticity as other brand may replace it, while a "category" of a product may not be easily replaced by other category of products. Secondly, like a complementary product, there are some commodities that is inelastic as buyer may have proceeding commitment to purchase it in the future, such as vehicle spare part. Thirdly, consumer mostly pay attention to product which cost a majority of share of their spending, hence any change of price in this product or services would be immediately affect consumer demand, hence this kind of product is elastic, while a product which is not part of consumer majority of purchase is inelastic due to "low involvement to products" effect.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Factors_affecting_price_elasticity_of_supply">Factors affecting price elasticity of supply</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=17" title="Edit section: Factors affecting price elasticity of supply"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Availability_of_scarce_resources_in_the_market">Availability of scarce resources in the market</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=18" title="Edit section: Availability of scarce resources in the market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>It is one factor affecting the price elasticity of any industry if the industry uses <a href="/wiki/Scarce_resources" class="mw-redirect" title="Scarce resources">scarce resources</a> to produce goods. If there is an increase in demand for the goods, the company will not be able to meet the demand because of the availability of resources. Thus, it will increase the prices of the resources, leading to a corresponding increase in the price of the producer goods.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> For example, Petrol is a natural resource, and thus it is scarce. If the demand for Petrol increases as there is a scarcity of Petrol, it will lead to an increase in petrol prices. </p> <div class="mw-heading mw-heading4"><h4 id="Number_of_competitors_in_the_industry">Number of competitors in the industry</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=19" title="Edit section: Number of competitors in the industry"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>It means that if the number of competitors is producing the same goods, there is an easy supply of the goods and thus supply is more inelastic with the increase in competitors.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Others">Others</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=20" title="Edit section: Others"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Like Price Elasticity of Demand, time also affects Price Elasticity of Supply. Though, there are other varying factors that affect this too, such as: capacity, availability of raw materials, flexibility, and the number of competitors in the market. Though, the time horizon is arguably the most influential detriment to price elasticity of supply.<sup id="cite_ref-:5_15-1" class="reference"><a href="#cite_note-:5-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The longer the time horizon, the easier it is for commodity buyers to choose alternative products (substitutes). Further, as the time for suppliers to respond to price changes increases, a given price change will have a more significant impact on supply. However, suppliers can also hire more labour overtime, raise more funds, build more new factories to expand production capacity, and ultimately increase supply. In general, long-term supply is more elastic than short-term supply because producers need some time to adjust their ability to adapt to changes in demand.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Applications">Applications</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=21" title="Edit section: Applications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The concept of elasticity has an extensive range of applications in economics. In particular, an understanding of elasticity is fundamental in understanding the response of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> in a market.<sup id="cite_ref-:4_12-1" class="reference"><a href="#cite_note-:4-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Elasticity is also an important concept for enterprises and governments. For enterprises, elasticity is relevant in the calculation of the fluctuation of commodity prices, and its relation to income. </p><p>For enterprise, the concept of elasticity also can be applied for pricing strategy. At one hand a businessman has to calculate as if reducing price will necessarily increasing the demand of their products, or will it not be necessary so and resolving a lost for the company<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> At the other hand, enterprise have to consider whether Increasing price and cutting production quantity led to greater revenue.<sup id="cite_ref-Managerial_Economics_33-0" class="reference"><a href="#cite_note-Managerial_Economics-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> To answer that, it is suggested that if the demand of that product is elastic enough, it is profitable for enterprises to cut price and let the demand to increase over time.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> But in other hand if the price is inelastic, it is profitable to cut the quantity of production and let the price to rise, because as the product is inelastic enough, so consumer have no alternative to purchase other type of product or services to replace it. Though it is clear that the enterprise should not let their product price to pass by that inelasticity threshold, if so, then the product will be subject to price elasticity and be affected by declining demand over time.<sup id="cite_ref-Managerial_Economics_33-1" class="reference"><a href="#cite_note-Managerial_Economics-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>For governments, the concept is important for the implementation of <a href="/wiki/Taxation" class="mw-redirect" title="Taxation">taxation</a>. When a government wants to increase taxes on goods, it can use elasticity to judge whether increasing the tax rate will be beneficial. Often, the demand for goods will be significantly reduced when a government increases taxes on them. Whilst a tax increase on inelastic goods will not impact their demand, it may affect goods that are elastic. Aside from taxation, elasticity can also assist in analysing the need for <a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">government intervention</a>. </p><p>Additionally, for essential goods, the government must ensure that they are available to most consumers. Through setting <a href="/wiki/Price_ceilings" class="mw-redirect" title="Price ceilings">price ceilings</a> and <a href="/wiki/Price_floor" title="Price floor">floors</a>, the government is intervening by ensuring that these goods are reasonably available. </p><p>As stated by British political economist David Ricardo, luxury goods taxes have certain advantages over necessities taxes. They are usually paid from income and, therefore, will not reduce the country's production capital. For instance, when the price of wine products rises due to increased taxes, consumers can give up drinking wine.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </p><p>Other common uses of elasticity include: </p> <ul><li>Analysis of incidence of the tax burden and other government policies. <i>See <a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></i>.</li> <li>Income elasticity of demand, used as an indicator of industry health, future consumption patterns, and a guide to firms' <a href="/wiki/Investment" title="Investment">investment</a> decisions. <i>See <a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></i>.</li> <li>Effect of international trade and <a href="/wiki/Terms_of_trade" title="Terms of trade">terms of trade</a> effects. <i>See <a href="/wiki/Marshall%E2%80%93Lerner_condition" title="Marshall–Lerner condition">Marshall–Lerner condition</a> and <a href="/wiki/Singer%E2%80%93Prebisch_thesis" class="mw-redirect" title="Singer–Prebisch thesis">Singer–Prebisch thesis</a>.</i></li> <li>Analysis of <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a> and <a href="/wiki/Saving" title="Saving">saving</a> behavior. <i>See <a href="/wiki/Permanent_income_hypothesis" title="Permanent income hypothesis">Permanent income hypothesis</a>.</i></li> <li>Analysis of <a href="/wiki/Advertising" title="Advertising">advertising</a> on consumer demand for particular goods. <i>See <a href="/wiki/Advertising_elasticity_of_demand" title="Advertising elasticity of demand">Advertising elasticity of demand</a>.</i></li></ul> <div class="mw-heading mw-heading2"><h2 id="Variants">Variants</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=22" title="Edit section: Variants"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some cases the discrete (non-infinitesimal) <a href="/wiki/Arc_elasticity" title="Arc elasticity">arc elasticity</a> is used instead. In other cases, such as <a href="/wiki/Modified_duration" class="mw-redirect" title="Modified duration">modified duration</a> in bond trading, a percentage change in output is divided by a unit (not percentage) change in input, yielding a <a href="/wiki/Semi-elasticity" class="mw-redirect" title="Semi-elasticity">semi-elasticity</a> instead. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=23" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid 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section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-:1-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:1_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFHayes2022" class="citation web cs1">Hayes, Adam (2022-07-05). <a rel="nofollow" class="external text" href="https://www.investopedia.com/terms/e/elasticity.asp">"What Is Elasticity in Finance; How Does it Work (with Example)?"</a>. <i>Investopedia</i><span 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Routledge. pp. 43–44. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.4324%2F9780203116098">10.4324/9780203116098</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-203-11609-8" title="Special:BookSources/978-0-203-11609-8"><bdi>978-0-203-11609-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Elasticity&rft.btitle=Managerial+Economics&rft.pages=43-44&rft.edition=4th&rft.pub=Routledge&rft.date=2012-06-30&rft_id=info%3Adoi%2F10.4324%2F9780203116098&rft.isbn=978-0-203-11609-8&rft.aulast=Png&rft.aufirst=Ivan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElasticity+%28economics%29" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMithani2009" class="citation book cs1">Mithani, D (2009). <i>Introductory Managerial Economics</i>. Mumbai: Global Media. pp. 108–109.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Introductory+Managerial+Economics&rft.place=Mumbai&rft.pages=108-109&rft.pub=Global+Media&rft.date=2009&rft.aulast=Mithani&rft.aufirst=D&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElasticity+%28economics%29" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFManeschi2004" class="citation journal cs1">Maneschi, Andrea (2004). "The true meaning of David Ricardo's four magic numbers". <i>Journal of International Economics</i>. <b>62</b> (2): 433–443. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2FS0022-1996%2803%2900008-4">10.1016/S0022-1996(03)00008-4</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+International+Economics&rft.atitle=The+true+meaning+of+David+Ricardo%27s+four+magic+numbers.&rft.volume=62&rft.issue=2&rft.pages=433-443&rft.date=2004&rft_id=info%3Adoi%2F10.1016%2FS0022-1996%2803%2900008-4&rft.aulast=Maneschi&rft.aufirst=Andrea&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElasticity+%28economics%29" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=25" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLovell2004" class="citation book cs1">Lovell, Michael C. (2004). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=99mI5c-WmrgC&pg=PA75"><i>Economics with Calculus</i></a>. Hackensack: World Scientific. pp. 75–85. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/981-238-857-5" title="Special:BookSources/981-238-857-5"><bdi>981-238-857-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics+with+Calculus&rft.place=Hackensack&rft.pages=75-85&rft.pub=World+Scientific&rft.date=2004&rft.isbn=981-238-857-5&rft.aulast=Lovell&rft.aufirst=Michael+C.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D99mI5c-WmrgC%26pg%3DPA75&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElasticity+%28economics%29" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVarian1994" class="citation book cs1">Varian, Hal (1994). "Market Demand". <i>Intermediate Microeconomics : A Modern Approach</i>. New York: W.W. Norton. pp. 261–280. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-393-96320-9" title="Special:BookSources/0-393-96320-9"><bdi>0-393-96320-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Market+Demand&rft.btitle=Intermediate+Microeconomics+%3A+A+Modern+Approach&rft.place=New+York&rft.pages=261-280&rft.pub=W.W.+Norton&rft.date=1994&rft.isbn=0-393-96320-9&rft.aulast=Varian&rft.aufirst=Hal&rfr_id=info%3Asid%2Fen.wikipedia.org%3AElasticity+%28economics%29" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Elasticity_(economics)&action=edit&section=26" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.investopedia.com/university/economics/economics4.asp">Economics Basics: Elasticity</a> from <a rel="nofollow" class="external text" href="http://www.investopedia.com/">Investopedia.com</a>. Accessed February 29, 2008.</li> <li><a rel="nofollow" class="external text" href="http://demonstrations.wolfram.com/RevenueAndElasticity/">Revenue and Elasticity</a> and <a rel="nofollow" class="external text" href="http://demonstrations.wolfram.com/ElasticityTotalRevenueAndTheLinearDemandCurve/">Elasticity, Total Revenue, and the Linear Demand Curve</a> by Fiona Maclachlan, <a href="/wiki/Wolfram_Demonstrations_Project" title="Wolfram Demonstrations Project">Wolfram Demonstrations Project</a>.</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Microeconomics" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Microeconomics" title="Template:Microeconomics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Microeconomics" title="Template talk:Microeconomics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Microeconomics" title="Special:EditPage/Template:Microeconomics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Microeconomics" style="font-size:114%;margin:0 4em"><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aggregation_problem" title="Aggregation problem">Aggregation</a></li> <li><a href="/wiki/Budget_set" title="Budget set">Budget set</a></li> <li><a href="/wiki/Consumer_choice" title="Consumer choice">Consumer choice</a></li> <li><a href="/wiki/Convexity_in_economics" title="Convexity in economics">Convexity</a> and <a href="/wiki/Non-convexity_(economics)" title="Non-convexity (economics)">non-convexity</a></li> <li><a href="/wiki/Economic_cost" title="Economic cost">Cost</a> <ul><li><a href="/wiki/Average_cost" title="Average cost">Average</a></li> <li><a href="/wiki/Marginal_cost" title="Marginal cost">Marginal</a></li> <li><a href="/wiki/Opportunity_cost" title="Opportunity cost">Opportunity</a> <ul><li><a href="/wiki/Implicit_cost" title="Implicit cost">Implicit</a></li></ul></li> <li><a href="/wiki/Social_cost" title="Social cost">Social</a></li> <li><a href="/wiki/Sunk_cost" title="Sunk cost">Sunk</a></li> <li><a href="/wiki/Transaction_cost" title="Transaction cost">Transaction</a></li></ul></li> <li><a href="/wiki/Cost%E2%80%93benefit_analysis" title="Cost–benefit analysis">Cost–benefit analysis</a></li> <li><a href="/wiki/Deadweight_loss" title="Deadweight loss">Deadweight loss</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution</a></li> <li><a href="/wiki/Economies_of_scale" title="Economies of scale">Economies of scale</a></li> <li><a href="/wiki/Economies_of_scope" title="Economies of scope">Economies of scope</a></li> <li><a class="mw-selflink selflink">Elasticity</a> <ul><li><a href="/wiki/Cross_elasticity_of_demand" title="Cross elasticity of demand">Cross elasticity of demand</a></li> <li><a href="/wiki/Income_elasticity_of_demand" title="Income elasticity of demand">Income elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_demand" title="Price elasticity of demand">Price elasticity of demand</a></li> <li><a href="/wiki/Price_elasticity_of_supply" title="Price elasticity of supply">Price elasticity of supply</a></li></ul></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Equilibrium</a> <ul><li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General</a></li></ul></li> <li><a href="/wiki/Trade" title="Trade">Exchange</a></li> <li><a href="/wiki/Externality" title="Externality">Externality</a></li> <li><a href="/wiki/Theory_of_the_firm" title="Theory of the firm">Firms</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a> <ul><li><a href="/wiki/Goods" title="Goods">Goods</a></li> <li><a href="/wiki/Service_(economics)" title="Service (economics)">Service</a></li></ul></li> <li><a href="/wiki/Family_economics" title="Family economics">Household</a></li> <li><a href="/wiki/Income%E2%80%93consumption_curve" title="Income–consumption curve">Income–consumption curve</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Indifference_curve" title="Indifference curve">Indifference curve</a></li> <li><a href="/wiki/Intertemporal_choice" title="Intertemporal choice">Intertemporal choice</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/Market_failure" title="Market failure">Market failure</a></li> <li><a href="/wiki/Market_structure" title="Market structure">Market structure</a> <ul><li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competition</a> <ul><li><a href="/wiki/Monopolistic_competition" title="Monopolistic competition">Monopolistic</a></li> <li><a href="/wiki/Perfect_competition" title="Perfect competition">Perfect</a></li></ul></li> <li><a href="/wiki/Duopoly" title="Duopoly">Duopoly</a></li> <li><a href="/wiki/Monopoly" title="Monopoly">Monopoly</a> <ul><li><a href="/wiki/Bilateral_monopoly" title="Bilateral monopoly">Bilateral</a></li> <li><a href="/wiki/Complementary_monopoly" title="Complementary monopoly">Complementary</a></li></ul></li> <li><a href="/wiki/Monopsony" title="Monopsony">Monopsony</a></li> <li><a href="/wiki/Oligopoly" title="Oligopoly">Oligopoly</a></li> <li><a href="/wiki/Oligopsony" title="Oligopsony">Oligopsony</a></li></ul></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Preference_(economics)" title="Preference (economics)">Preferences</a></li> <li><a href="/wiki/Price" title="Price">Price</a> <ul><li><a href="/wiki/Price_controls" title="Price controls">Price controls</a></li> <li><a href="/wiki/Price_ceiling" title="Price ceiling">Price ceiling</a></li> <li><a href="/wiki/Price_floor" title="Price floor">Price floor</a></li> <li><a href="/wiki/Price_discrimination" title="Price discrimination">Price discrimination</a></li> <li><a href="/wiki/Price_signal" title="Price signal">Price signal</a></li> <li><a href="/wiki/Price_system" title="Price system">Price system</a>/<a href="/wiki/Free_price_system" title="Free price system">Free</a></li> <li><a href="/wiki/Pricing" title="Pricing">Pricing</a></li></ul></li> <li><a href="/wiki/Production_set" title="Production set">Production</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Public_good_(economics)" title="Public good (economics)">Public goods</a></li> <li><a href="/wiki/Rationing" title="Rationing">Rationing</a></li> <li><a href="/wiki/Economic_rent" title="Economic rent">Rent</a></li> <li><a href="/wiki/Returns_to_scale" title="Returns to scale">Returns to scale</a></li> <li><a href="/wiki/Risk_aversion" title="Risk aversion">Risk aversion</a></li> <li><a href="/wiki/Scarcity" title="Scarcity">Scarcity</a></li> <li><a href="/wiki/Shortage" title="Shortage">Shortage</a>/<a href="/wiki/Excess_supply" title="Excess supply">Excess supply</a></li> <li><a href="/wiki/Substitution_effect" title="Substitution effect">Substitution effect</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Surplus</a></li> <li><a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> <ul><li><a href="/wiki/Demand" title="Demand">Demand</a>/<a href="/wiki/Law_of_demand" title="Law of demand">Law of demand</a></li> <li><a href="/wiki/Supply_(economics)" title="Supply (economics)">Supply</a>/<a href="/wiki/Law_of_supply" title="Law of supply">Law of supply</a></li></ul></li> <li><a href="/wiki/Uncertainty" title="Uncertainty">Uncertainty</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> <ul><li><a href="/wiki/Expected_utility_hypothesis" title="Expected utility hypothesis">Expected</a></li> <li><a href="/wiki/Marginal_utility" title="Marginal utility">Marginal</a></li></ul></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Subfields</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Statistical_decision_theory" class="mw-redirect" title="Statistical decision theory">Statistical decision theory</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering economics</a></li> <li><a href="/wiki/Engineering_economics_(civil_engineering)" title="Engineering economics (civil engineering)">Civil engineering economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labor</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations of macroeconomics</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Mathematical_optimization" title="Mathematical optimization">Optimization</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Microeconomics" title="Category:Microeconomics">Category</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Population" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Population" title="Template:Population"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Population" title="Template talk:Population"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Population" title="Special:EditPage/Template:Population"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Population" style="font-size:114%;margin:0 4em"><a href="/wiki/Population" title="Population">Population</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Major topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Demographics_of_the_world" title="Demographics of the world">Demographics of the world</a></li> <li><a href="/wiki/Demographic_transition" title="Demographic transition">Demographic transition</a></li> <li><a href="/wiki/Estimates_of_historical_world_population" title="Estimates of historical world population">Estimates of historical world population</a></li> <li><a href="/wiki/Population_growth" title="Population growth">Population growth</a></li> <li><a href="/wiki/Population_momentum" title="Population momentum">Population momentum</a></li> <li><a href="/wiki/Projections_of_population_growth" class="mw-redirect" title="Projections of population growth">Projections of population growth</a></li> <li><a href="/wiki/World_population" title="World population">World population</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_biology" title="Population biology">Population<br />biology</a></div></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_decline" title="Population decline">Population decline</a></li> <li><a href="/wiki/Population_density" title="Population density">Population density</a> <ul><li><a href="/wiki/Physiological_density" title="Physiological density">Physiological density</a></li></ul></li> <li><a href="/wiki/Population_dynamics" title="Population dynamics">Population dynamics</a></li> <li><a href="/wiki/Population_model" title="Population model">Population model</a></li> <li><a href="/wiki/Population_pyramid" title="Population pyramid">Population pyramid</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Population_ecology" title="Population ecology">Population<br />ecology</a></div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Biocapacity" title="Biocapacity">Biocapacity</a></li> <li><a href="/wiki/Carrying_capacity" title="Carrying capacity">Carrying capacity</a></li> <li><span class="nowrap"><a href="/wiki/I_%3D_PAT" title="I = PAT">I = P × A × T</a></span></li> <li><a href="/wiki/Kaya_identity" title="Kaya identity">Kaya identity</a></li> <li><a href="/wiki/Malthusian_growth_model" title="Malthusian growth model">Malthusian growth model</a></li> <li><a href="/wiki/Overshoot_(population)" title="Overshoot (population)">Overshoot (population)</a></li> <li><a href="/wiki/World3" title="World3">World3 model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Society and<br /> population</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Eugenics" title="Eugenics">Eugenics</a></li> <li><a href="/wiki/Dysgenics" title="Dysgenics"><i>Dys</i>genics</a></li> <li><a href="/wiki/Human_overpopulation" title="Human overpopulation">Human overpopulation</a> <ul><li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian catastrophe</a></li></ul></li> <li><a href="/wiki/Human_population_planning" title="Human population planning">Human population planning</a> <ul><li><a href="/wiki/Compulsory_sterilization" title="Compulsory sterilization">Compulsory sterilization</a></li> <li><a href="/wiki/Family_planning" title="Family planning">Family planning</a></li> <li><a href="/wiki/One-child_policy" title="One-child policy">One-child policy</a></li> <li><a href="/wiki/Two-child_policy" title="Two-child policy">Two-child policy</a></li></ul></li> <li><a href="/wiki/Overconsumption_(economics)" title="Overconsumption (economics)">Overconsumption</a></li> <li><a href="/wiki/Political_demography" title="Political demography">Political demography</a></li> <li><a href="/wiki/Population_ethics" title="Population ethics">Population ethics</a> <ul><li><a href="/wiki/Antinatalism" title="Antinatalism">Antinatalism</a></li> <li><a href="/wiki/Mere_addition_paradox" title="Mere addition paradox">Mere addition paradox</a></li> <li><a href="/wiki/Natalism" title="Natalism">Natalism</a></li> <li><a href="/wiki/Non-identity_problem" class="mw-redirect" title="Non-identity problem">Non-identity problem</a></li> <li><a href="/wiki/Reproductive_rights" title="Reproductive rights">Reproductive rights</a></li></ul></li> <li><a href="/wiki/Sustainable_population" title="Sustainable population">Sustainable population</a></li> <li><a href="/wiki/Zero_population_growth" title="Zero population growth">Zero population growth</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Publications</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0;font-style:italic;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_Environment" title="Population and Environment">Population and Environment</a></li> <li><a href="/wiki/Population_and_Development_Review" title="Population and Development Review">Population and Development Review</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Population_and_housing_censuses_by_country" title="Population and housing censuses by country">Population and housing censuses by country</a></li> <li><a href="/wiki/List_of_largest_cities" title="List of largest cities">Largest cities</a></li> <li><a href="/wiki/World_population_milestones" title="World population milestones">World population milestones</a> <ul><li><a href="/wiki/Day_of_Six_Billion" title="Day of Six Billion">6 billion</a></li> <li><a href="/wiki/Day_of_Seven_Billion" title="Day of Seven Billion">7</a></li> <li><a href="/wiki/Day_of_Eight_Billion" title="Day of Eight Billion">8</a></li></ul></li> <li><a href="/wiki/List_of_population_concern_organizations" title="List of population concern organizations">Population concern organizations</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;">Events and<br />organizations</div></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/7_Billion_Actions" title="7 Billion Actions">7 Billion Actions</a></li> <li><a href="/wiki/Church_of_Euthanasia" title="Church of Euthanasia">Church of Euthanasia</a></li> <li><a href="/wiki/International_Conference_on_Population_and_Development" title="International Conference on Population and Development">International Conference on Population and Development</a></li> <li><a href="/wiki/Population_Action_International" title="Population Action International">Population Action International</a></li> <li><a href="/wiki/Population_Connection" title="Population Connection">Population Connection</a></li> <li><a href="/wiki/Population_Matters" title="Population Matters">Population Matters</a></li> <li><a href="/wiki/United_Nations_Population_Fund" title="United Nations Population Fund">United Nations Population Fund</a></li> <li><a href="/wiki/United_Nations_world_population_conferences" title="United Nations world population conferences">United Nations world population conferences</a></li> <li><a href="/wiki/Voluntary_Human_Extinction_Movement" title="Voluntary Human Extinction Movement">Voluntary Human Extinction Movement</a></li> <li><a href="/wiki/World_Population_Conference" title="World Population Conference">World Population Conference</a></li> <li><a href="/wiki/World_Population_Day" title="World Population Day">World Population Day</a></li> <li><a href="/wiki/World_Population_Foundation" title="World Population Foundation">World Population Foundation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bennett%27s_law" title="Bennett's law">Bennett's law</a></li> <li><a href="/wiki/Green_Revolution" title="Green Revolution">Green Revolution</a></li> <li><a href="/wiki/Human_impact_on_the_environment" title="Human impact on the environment">Human impact on the environment</a></li> <li><a href="/wiki/Human_migration" title="Human migration">Migration</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><span 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