Elasticity of demand refers to the sensitivity of quantity demanded with respect to changes in another outside factor. There are many types of elasticity of demand. The one most relevant to businesses ...

Discover the key factors affecting demand elasticity, including type of good, price, income, and substitutes, and learn how these influence consumer behavior.

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...