Get Your Report Now! When using market survey data to determine the salary range for a position, you could use the 10th, 50th, and 90th percentiles as your minimum, mid-point, and maximum for the range. Or, maybe the 25th, 50th, and 75th percentiles would do okay.
Definition: Elastic demand is an economic concept that occurs when the quantity of a product responds intensively to a change in the price of the product. What Does Elastic Demand Mean? What is the definition of elastic demand? According to the law of demand, when the price of a product rises, the quantity demanded declines because people are not willing to spend more money on a particular product.
Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price results in a large change in quantity demanded. An example of products with an elastic demand is consumer durables.