What is the best definition of elasticity in economics?

Elasticity is an economic concept used to measure the change in the aggregate quantity demanded for a good or service in relation to price movements of that ... that have inelastic demand; doing so means that customers will remain loyal and continue to purchase the good or service even in the face of a price increase. read more

The third is the best definition: Elasticity of demand measures how the amount of a good changes when its price goes up or down. Elasticity of demand is a measure used to show the responsive of a market as prices increase of decrease. read more

Elasticity. A measure of how much buyers and sellers respond to changes in market conditions / a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants Price elasticity of demand. read more

- Definition, Theory & Formula In this lesson, we'll discuss elasticity in economics, including its definition, the different types of elasticity, and their effect on the business market. We'll also use a real-life example and learn how to use simple formulas to calculate elasticity of demand. read more