From Longman Dictionary of Contemporary Englishelasticity of demandelasticity of demandtechnical the degree to which a change in the price of something leads to a change in the amount of it that is sold → elasticity
Examples from the Corpus
elasticity of demand• Certainly, there is a high elasticity of demand at the fish market where our Chef Troy shops.• The effect is similar to a change in income and depends upon the income elasticity of demand.• The relationship between quantity demanded of a commodity and its price is normally measured by the price elasticity of demand.• As in other cases, the deadweight welfare loss depends on the price elasticity of demand.• Price elasticity of demand measures the responsiveness of quantity demanded of a good to a change in the price of that good.• In calculating the size of deadweight burden triangles under monopoly, different economists have used different estimates of the elasticity of demand.• As usual, marginal revenue equals the price times one minus one over the elasticity of demand.• If preferences are of the S-D-S type, the elasticity of demand is a given constant.From Longman Business Dictionaryelasticity of demandelasˌticity of deˈmand (also price elasticity (of demand)) noun [uncountable] ECONOMICS the degree to which a change in the price of something leads to a change in the amount of it that is sold or that could be sold if availableEconomists may have over-estimated the elasticity of demand for electricity. → income elasticity of demand 