Wiktionary(0.00 / 0 votes)Rate this definition: 1  upheaval(Noun) the process of being heaved upward, especially the raising of part of the earth's crust. 2  upheaval(Noun) a sudden violent upset, disruption or convulsion.
MicroEcon Test 2 Correct 1. The price elasticity of demand coefficient measures: A) buyer responsiveness to price changes. B) the extent to which a demand curve shifts as incomes change. C) the slope of the demand curve. D) how far business executives can stretch their fixed costs. Points Earned: 1.0/1.0 Correct Answer(s): A Correct 2.
Elasticity in General Elasticity measures the percent change in one economic variable when there is a 1%change in a different economic variable. There are many different elasticities; here weâlllook at the price elasticity of demand and the price elasticity of supply. Price Elasticity of Demand The price elasticity of demand measures how consumers respond to a price change. Theprice elasticity of demand is the percentage change in quantity demanded of a gooddivided by the percentage change in the price of that same good (and you must take theabsolute value of the whole thing).