The elasticity of demand calculator is an economical tool that calculates the price elasticity of demand for a product.
The elasticity of demand is an important measure of variation in demand. This concept can help you understand how demand changes for a product based on its price.
This might seem like a complicated concept but it is one of the most basic theories in economics and it is pretty simple to understand as it has a straightforward formula, which is as follows;
e = (dQ/Q)/(dP/P)
In simpler form, it can be written as;
e = (Percent Change in Demand)/Percent Change in Price
The greater the value of e the more sensitive the demand to its price. A high value of elasticity can be seen for luxury goods, for example, cars generally have high elasticity, and if the price of the car increases its demand is bound to change.
But in the case of sugar, the elasticity is low. If the price of sugar increases people are still going to buy it as it is a necessity.
Generally, if a product’s elasticity value is between 0.1 and 1, it is considered to be inelastic which means that the price does not have a prominent effect on its demand.
If you are someone who studies or works in the field of economics, an elasticity of demand calculator can be a very useful tool.
There are tons of options available for calculators in this category, but if you want to find the best ones, you need to stick with this article.
The details given below contain some of the most practical and efficient demand elasticity calculators an informative summary for each one of them has been provided so you can choose the best elasticity of demand calculator for yourself.
Hopefully, calculating demand elasticity based on price won’t be a problem for you once you are done with this article.
Best Elasticity of Demand Calculator
1. Inch Calculator: Price Elasticity of Demand Calculator
Inch Calculator is one of the most popular calculator platforms that you can find online. It offers you a wide range of free calculators and it is trusted by millions of users worldwide.
Some of the most popular categories of calculators on this platform are conversion, math, financial, and health.
This elasticity calculator can be found in the ‘financial calculators’ category under ‘business finance’ and is certainly one of the best out there.
The design of the calculator is pretty flawless. It is simple and minimalistic but does not give off an outdated vibe which is something uncommon.
Usually, websites for calculators that are designed with simplicity seem a bit musty.
There are 4 inputs that you need to enter, the initial price and demand, and the final price and demand. The percentage change and other calculations will be done by the calculator.
The design of the website is also something that should be considered when finding adequate calculators as it can have an effect on your experience. Luckily, Inch Calculator has a great website design and you can expect a smooth experience.
Even though there are a few more ads than you would expect, the advertisements won’t interfere with your operations.
Once you have entered the final and initial values click the ‘CALCULATE’ button and the price elasticity for demand will be displayed below. The calculator also tells you whether the value is elastic or inelastic and provides a graphical representation.
2. Omni Calculator: Price Elasticity of Demand Calculator
Just like Inch Calculator, Omni Calculator is also a calculator website and is arguably the most famous calculator website.
In addition to the great design and quality of calculators, Omni Calculator offers the broadest range of categories for online calculators.
This price elasticity calculator can be found in the ‘Finance’ section of the website.
If you have used Omni Calculator before for any financial calculations or just calculations in general, you’ll notice that all the calculators on this website have the same design.
This brings a sense of familiarity and uniformity to the whole website.
The inputs that you have to enter in this calculator are similar to the ones discussed above. You have to enter the initial price and quantity and the final price and quantity.
The design of the website for Omni Calculator is probably the best one, not only on this list but out of all the calculator websites.
Most of the calculator websites that you will find are mismanaged and their contents aren’t well organized but that is not the case here.
Omni Calculator has an aesthetic vibe and a signature design. You can tell that it is a high-functioning platform just by the subtle design details.
After you have entered all the inputs, the price elasticity of demand will be displayed automatically. The lower section of the calculator also calculates your revenue before and after the price change.
3. Story of Mathematics: Elasticity of Demand Calculator + Online Solver With Free Steps
Story of Mathematics isn’t a very popular website compared to the other two on this list.
From its name and its nature, it is a mathematics website and mostly contains tools related to mathematics but economics, on some level, can be considered maths.
Apart from mathematical tools and calculators the website also has some other helpful content relating to different areas of maths, like; lessons, methods, formulas, etc.
This calculator is actually powered by Wolfram Alpha, which is one of the largest education technology companies in the world.
A disadvantage of using a third-party calculator is that its design doesn’t go well with the rest of the website. But it is pretty good on its own.
The inputs on this calculator are the same as the ones discussed previously. They are just titled as ‘Orignal’ and ‘New’.
The website design of this Story of Mathematics may not be the best one but it certainly is a unique one. You don’t see flashy and vibrant designs on math and calculator websites but this one is an exception.
A better color theme can certainly bring a little more uniformity to the whole design.
Once you click ‘Submit’ after entering the inputs, a separate window will open up with your results, but it stuck on ‘computing’ sometimes so you might have to refresh the page and try again.
If you scroll down there’s a whole explanation of the concept of price elasticity for demand.
Which Calculator is the Best?
Adequate calculators of any type are hard to come by and elasticity of demand calculators are no exception.
But you don’t need to worry about that as all the calculators mentioned above are more than adequate and will give you the right results.
Even though these calculators serve the same purpose and carry out the same calculation, they still have a few differences between them, can we name one of them as the best?
Inch Calculator is a pretty good option for anyone who is new to this online tool as it provides a very simple and straightforward interface. The graphs that are given below help you understand the concept of price elasticity even better.
Omni Calculator is recommended for someone who is a regular user of the platform as it has a uniform calculator design throughout the calculator categories.
But its use is not limited to old users anyone can operate the calculator although the design might be a little more tricky than Inch Calculator.
Story of Mathematics doesn’t really have a clear advantage over the other two other than the fact that it uses the calculator of one of the biggest education technology companies. But as mentioned earlier it has some bugs.
In the end, choosing the best calculator depends on the user and their preferences.
Elasticity of demand calculator can be a very useful tool for you if you are a consumer, business owner, or just someone who wants to the behavior of the demand for a product.
Even though the formula that is used to calculate the elasticity is pretty simple a calculator will be a much more efficient choice.
Make sure you got through all of the calculators and find the one that best suits your needs, or you can always use all of them