Output elasticity
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In economics, output elasticity is the percentage change of output (GDP or revenue for a single firm) divided by the percentage change of an input.
it is calculated as marginal product of an input to its average product. it is a local measure, defined at a point
Marginal Revenue(MR), also sometimes called incremental revenue, is the change in the Total Revenue divided by the change in the Quantity supplied(QS). (Change in TR/Change in QS).
Total Revenue(TR) is the total amount of revenue gained by a seller; that is, Price X Quantity(PXQ).
Average Revenue(AR): TR/Q, or the amount of revenue gained by the sale of 1 unit.
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