1. A situation in which a cut in price increases the quantity taken in the market enough that total revenue is increased. 2. A situation in which a given change in the price of an economic good is associated with a more than proportionate change in the quantity that buyers would purchase. 3. A situation in which the percentage of quantity taken &qu [..]

Relatively small changes in demand price cause relatively larger changes in quantity demanded. Elastic demand means that changes in the quantity demanded are relatively responsive to changes in the de [..]

Definition Demand for a good or service that decreases when the price of the good or service increases, and increases when the price decreases. Elastic demand is generally a characteristic of goods or [..]

A good has an elastic demand when a price change results in a large decrease in the quantity consumed. More specifically, it refers to the situation when a one percent increase in price causes a decre [..]

See variable demand.

demand that changes significantly when price changes (e.g., demand drops when price rises)

The type of demand that exists when the percentage change in quantity demanded is greater than the percentage change in price; that is, consumers are very sensitive to a change in the price of a good [..]

Demand for elastics.