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Economics

Elasticity of Demand and Supply Measurement

Quick fact

The elasticity of demand for gasoline is about 0.1, meaning a 10% price increase only reduces quantity demanded by 1%, while the elasticity for fresh tomatoes is around 2.8, so a 10% price rise cuts demand by 28%.

Why this is interesting

Why do rising gas prices almost never force you to buy a different car, but a small sale on headphones can clear the shelves? The answer lies in a surprisingly simple ratio that economists call elasticity.