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OpenStudy (goformit100):
Define Elasticity ?
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OpenStudy (anonymous):
Do you want a mathematical definition, or a physics definition?
OpenStudy (goformit100):
Mathematical
OpenStudy (goformit100):
@ujjwal
OpenStudy (ujjwal):
when you say mathematical, do you mean "formula"?
OpenStudy (anonymous):
"A measure of a variable's sensitivity to a change in another variable." From investopedia.com
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OpenStudy (anonymous):
"Elasticity is a measure of responsiveness. The responsiveness of behavior measured by variable Z to a change in environment variable Y is the change in Z observed in response to a change in Y. Specifically, this approximation is common: elasticity = (percentage change in Z) / (percentage change in Y)" from about.com economics glossary.
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