Nõudluseelastsus

Nõudluseelastsus is an economic concept that measures the responsiveness of the quantity demanded of a good or service to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the absolute value of the elasticity is greater than 1, demand is considered elastic, meaning that a small change in price leads to a proportionally larger change in quantity demanded. If the absolute value of the elasticity is less than 1, demand is considered inelastic, indicating that a change in price results in a proportionally smaller change in quantity demanded. When the elasticity is exactly 1, demand is unit elastic.

Several factors influence the elasticity of demand. The availability of substitutes is a key determinant; goods with many close substitutes tend to have more elastic demand because consumers can easily switch to alternatives if the price rises. The proportion of income spent on the good also plays a role; goods that constitute a larger portion of a consumer's budget are generally more elastic. The time horizon considered is another factor; demand tends to become more elastic over longer periods as consumers have more time to adjust their behavior and find substitutes. Luxury goods typically exhibit higher elasticity compared to necessity goods. Understanding nõudluseelastsus is crucial for businesses in setting prices and for policymakers in evaluating the impact of taxes or subsidies.