The Singer-Prebsich thesis argues that the value of this measurement when applied to manufactured goods suggests that commodity-rich nations will become increasingly impoverished.
In the Marshall-Lerner condition, the sum of two applications of this quantity to exports and imports must exceed one. The Singer-Prebsich thesis argues that the value of this measurement when applied to manufactured goods suggests that commodity-rich nations will become increasingly impoverished. Values for this concept can be found by taking a linear regression when both variables are expressed in natural logarithms. If the demand function is known, Lerner's Mark-up Rule applies this concept to solve for the optimal price of a good. Veblen and Giffen goods have a positive value for the price version of this. Today, economists use this concept to understand how a tax burden is distributed between the producer and consumer. For 10 points, name this concept from economics that is most often defined as the change in the quantity demanded or supplied of a good given a fluctuation in price or income, respectively.
In the Marshall-Lerner condition, the sum of two applications of this quantity to exports and imports must exceed one.
elasticity [accept forms like "price elasticity of demand," etc.]