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- noun economics The percentage change in a function with regards to an absolute change in it's parameter. Algebraically, the semi-elasticity of a function f at point x is f'(x)/f(x).
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According to Ball, the interest semi-elasticity of money demand is -0.05: This means that an increase in the interest rate of one percentage point, or 100 basis points, reduces the quantity of money demanded by 5 percent.