The Corona Crash in March 2020 significantly impacted the global economy, with many businesses forced to shut down and millions of people losing their jobs. Looking back, the stock market experienced a sharp decline, and many industries, including travel, hospitality, and entertainment, were hit hard. The pandemic caused a decrease
Elasticity in economics represents the sensitivity of economic parameters like demand, supply, and prices, among others, to changes in affecting factors. It includes price elasticity of demand, which assesses demand changes if prices increase, and income and cross-price elasticity in household theory. Additionally, direct and indirect price elasticity of demand are derived mathematically. Also, firm and market theories apply elasticity to assess the price sensitivity of input demand, production, firm supply, and market representation.
Production technology in economics refers to the sum of all knowledge and capabilities of the society to combine scarce resources to produce final goods for consumption. This concept covers all industrial processes and exchanges within the value chain. The production function is the mathematical interpretation of production technology. Important concepts include the return to scale, the marginal product of inputs, and the change of marginal productivity. These concepts are also applied at both microeconomic and macroeconomic levels. The understanding of production technology requires some mathematical background.