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Meaning of elastic

 

 

 

Elastic

 

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Business glossary

 

Meaning of term elastic :

 

Elastic means that a good is responsive to a change in another variable. For example, if a good is 'price elastic' then it will be responsive to a change in price and the percentage change in demand for the good will be greater than the percentage change in price that caused it. Firms selling elastic goods may aim to cut prices as much as possible as this will help increase revenue.

 

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Elastic

 

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Meaning of term elastic

 

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