Arc Elasticity
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Definition of 'Arc Elasticity'
Arc elasticity is a measure of the responsiveness of a dependent variable to a change in an independent variable. It is calculated by taking the ratio of the percentage change in the dependent variable to the percentage change in the independent variable.
Arc elasticity is used to measure the responsiveness of a demand curve to a change in price. It is calculated by taking the ratio of the percentage change in quantity demanded to the percentage change in price.
Arc elasticity is a useful tool for understanding the relationship between price and quantity demanded. It can be used to predict how a change in price will affect the quantity demanded.
Arc elasticity is used to measure the responsiveness of a demand curve to a change in price. It is calculated by taking the ratio of the percentage change in quantity demanded to the percentage change in price.
Arc elasticity is a useful tool for understanding the relationship between price and quantity demanded. It can be used to predict how a change in price will affect the quantity demanded.
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