Elasticity | A-Level Economics Notes
These revision notes cover everything you need to know about Elasticity for A-Level Economics. They're designed for students studying AQA A-Level Economics, Edexcel A-Level Economics, and Edexcel International A-Level Economics. Written by Jaisul Naik, UCL Economics graduate and A-Level Economics tutor since 2017.
What is elasticity?
Elasticity is the responsiveness of one measure in response to another.
What does it mean if elasticity is 0?
A value of 0 refers to something being perfectly inelastic.
What does it mean if elasticity 1?
A value of 1 refers to something being unit elastic.
What does it mean if elasticity is between 0 and 1?
A value between 0 and 1 refers to something being relatively inelastic.
What does it mean if elasticity is more than 1?
A value between more than 1 refers to something being relatively elastic.
What does it mean if elasticity is infinity?
A value of infinity refers to something being perfectly elastic.
Summary questions
- what is elasticity?
- what does it mean if elasticity is 0?
- what does it mean if elasticity 1?
- what does it mean if elasticity is between 0 to 1?
- what does it mean if elasticity is more than 1?
- what does it mean if elasticity is infinity?
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