COEFFICIENT OF ELASTICITY: A numerical measure of the relative response of one variable (A) to changes in another variable (B). The most common applications for the coefficient of elasticity are price elasticity of demand and price elasticity of supply. Two other notable applications are income elasticity of demand and cross elasticity of demand. See also | elasticity | variable | price elasticity of demand | price elasticity of supply | income elasticity of demand | cross elasticity of demand |
