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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 24 of 25

Topic: Elasticity Determinants <=PAGE BACK | PAGE NEXT=>

  • Elasticity determinants affect the coefficient of elasticity.

  • Availability of Substitutes:
    • The elasticities of demand and supply are relatively greater for goods that have a large number of relatively close substitutes-in-consumption or substitutes-in-production.

  • Time Period:
    • The elasticities of demand and supply are relatively greater for goods over a longer period than a shorter period.

  • Proportion of Budget:
    • The elasticity of demand is greater for goods that take up a smaller proportion of a buyer's budget.

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INFLATION

A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for high interest rates.
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