Usually, people get quite frustrated if they have to wait for more than 1 to 2 seconds for any UI feedback. So, keeping these times between .25 to .50 seconds is a pretty good target.
The business executives who are driving these mobile app initiatives are mainly concerned with how their mobile strategy could successfully drive the bottom line. This can include increased revenues, customer satisfaction, and higher retention. While testing the effectiveness of the mobile responsive design, all of these factors should be given due consideration.