Abstract
Formally invented by Marshall, the concept of elasticity of demand goes beyond the notion, which can be found in classical economics, that demand varies less or more than price. The crucial property that alone makes elasticity so important in pure and applied economics is that the elasticity measure is invariant to changes in units of measurement of quantities and prices.
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Newman, P. (2018). Elasticity. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_144
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DOI: https://doi.org/10.1057/978-1-349-95189-5_144
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