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- W1991372824 abstract "Elasticity of demand is a measure of market response to a change in price. Three definitions of elasticity of demand are commonly found in the literature: (1) εp = point elasticity, defined for a given point on the demand function and relies on the derivative of the function at that point; (2) εa = arc elasticity, defined for the midpoint of an arc connecting two points, irrespective of the shape of the demand function; (3) ε = relative change elasticity, defined for two given points as minus the ratio of the relative volume increment to the relative price increment. Of the three, εp is the most widely cited and has the merit that marginal revenue is zero at εp = 1. It is also convenient when curves with εp = constant can be fitted to price-demand data. In practice, apart from the fact that εp is often difficult to determine, management is mainly concerned with discrete increments and not marginal changes, and in this respect εa is regarded as more useful. However, the relative change elasticity ε is preferable in all practical applications, both because relative increments refer to a given base period (instead of a midpoint, as in the case of εa), and because of the simplicity of using it in the analysis of company performance." @default.
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- W1991372824 date "1983-01-01" @default.
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- W1991372824 title "Three price elasticities of demand" @default.
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- W1991372824 doi "https://doi.org/10.1016/0305-0483(83)90040-3" @default.
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