Elasticity of a function

In mathematics, the elasticity or point elasticity of a positive differentiable function f of a positive variable (positive input, positive output) at point a is defined as

or equivalently

It is thus the ratio of the relative (percentage) change in the function's output with respect to the relative change in its input , for infinitesimal changes from a point . Equivalently, it is the ratio of the infinitesimal change of the logarithm of a function with respect to the infinitesimal change of the logarithm of the argument. Generalisations to multi-input-multi-output cases also exist in the literature.