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ELASTIC: In general, if changes in variable A cause changes in variable B, then the relative change in B is greater than the relative change in A. In other words, small changes in variable A cause relatively larger changes in variable B. An elastic relationship between two variables is a very responsive, or stretchable, relationship. You should compare elastic with inelastic.
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ELASTICITY DETERMINANTS Three factors that affect the numerical value of the price elasticity of demand and the price elasticity of supply--availability of substitutes, time period of analysis, and proportion of budget. The price elasticities of demand and/or supply for a good can change if these determinants change. The first two determinants are important to both price elasticity of demand and price elasticity of supply, while the third relates specifically to the price elasticity of demand.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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VAR
Vector Autoregression
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