eli
n. C / U C2 Proficiency US //ˈiɫaɪ// eli
n. a way to measure how much the price of something changes when other things change, like its cost or how many people want it. It helps businesses decide if they should raise or lower prices.
n. a measure of the responsiveness of one economic variable to changes in another, typically expressed as the ratio of percentage changes. Often used to quantify how demand or supply reacts to fluctuations in price or income.
Usage
Uncountable when referring to the general concept; countable when referring to specific calculated values or different types (e.g., 'income elasticities').