摘要：The aim of this paper is to carry out an overview on the concept of elasticity in economics as well as to find out how well such notion can be applied to our everyday life. Besides, it is important to find out the effect a change in certain policy objective will shape or reshape on an individual, as well as an entire economy like Nigeria. Hence, the paper concentrated on the environs of the Obafemi Awolowo Univesity, Ile-Ife, as a case study. Using appropriate statistical analysis, it discovered that the Obafemi Awolowo Univeristy lecturers led an average income life, thereby confirming the developing nature of the Nigerian economy.
