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Investments glossary

Elasticity


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Quotes of the day:

\'\'It is therefore doubtful if President Mohammadu Buhari will be able to deliver his campaign promises to Nigerians if the price of crude oil which accounts for some 90% of Nigeria’s total export revenue and 75% of total consolidated revenue continue to hover around $50 per barrel between now and 2019.\'\' Chika Onuegbu in his 2015 paper titled “HISTORICAL OVERVIEW OF THE IMPACT OF GLOBAL OIL POLITICS ON CRUDE OIL PRICES, INVESTMENTS AND EMPLOYMENT RELATIONS IN THE NIGERIAN OIL AND GAS INDUSTRY”

— Chika Onuegbu

Elastic is a term used in economics to describe a change in the behavior of buyers and sellers in response to a change in price for a good or service. In other words, demand elasticity or inelasticity for a product or good is determined by how much demand for the product changes as the price increases or decreases. An inelastic product is one that consumers continue to purchase even after a change in price. The elasticity of a good or service can vary according to the number of close substitutes available, its relative cost, and the amount of time that has elapsed since the price change occurred.

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