I am doing a multivariable calculus course and found elasticity interesting. The formula for percentage change with elasticity is

$\LARGE\frac{\frac{\Delta y}{y}\large\cdot100}{\frac{\Delta x}{x}\large\cdot100}$

This is fairly simple but I just want to assure that my interpretation is correct. Suppose for a given geographical area and time period that $y$ is number of crimes, with $y_2=1500$ and $y_1=1000$ and $x$ is economic inequality measured on a percentage scale, with $x_2=35$ and $x_1=30$. We get


As I understand, the result is interpreted as a percentage change of $3.12 \%$ in number of crimes ($y$) with $1 \%$ change in economic inequality ($x$).

Perhaps a better example would use the number changes of two variables, opposed to involving number and percentage point changes. I would be happy for corrections if I am misinterpreting something.


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