Question

Define 1)elasticity


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Answer 1

Answer:

Elasticity is a measure of a variable's sensitivity to a change in another variable, most commonly this sensitivity is the change in price relative to changes in other factors. ... It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price.

Answer 2

Answer:

Elasticity is a measure of a variable's sensitivity to a change in another variable, most commonly this sensitivity is the change in price relative to changes in other factors.  It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price.

Examples

Most commonly, elasticity refers to an economic gauge that measures the change in the quantity demanded for a good or service in relation to price movements of that good or service. For example, when demand is elastic, its price has a huge impact on its demand. Housing is an example of a good with elastic demand.