Elastizitätskonzepten

Elastizitätskonzepten, or elasticity concepts, are fundamental in economics to measure the responsiveness of one economic variable to a change in another. The most common is price elasticity of demand, which quantifies how much the quantity demanded of a good or service changes when its price changes. If the absolute value of the price elasticity of demand is greater than one, demand is considered elastic, meaning consumers are highly sensitive to price changes. If it is less than one, demand is inelastic, indicating consumers are less responsive. A value of exactly one signifies unit elasticity.

Another key concept is income elasticity of demand, which measures how demand for a good changes in response to a change in consumer income. Goods with positive income elasticity are normal goods, while those with negative income elasticity are inferior goods. Cross-price elasticity of demand examines how the demand for one good is affected by a change in the price of another good. Positive cross-price elasticity indicates substitutes, while negative elasticity suggests complements.

Price elasticity of supply measures how the quantity supplied of a good or service responds to a change in its price. Similar to demand, elastic supply means producers can easily adjust output, while inelastic supply means they cannot. These concepts are vital for understanding market dynamics, pricing strategies, and the impact of government policies.