Question

Explain concept of elasticity​

Answer 1

Answer:

✮given question:

Explain concept of elasticity

✮requried answer:

Elasticity is an economic concept used to measure the change in the aggregate quantity demanded for a good or service in relation to price movements of that good or service. A product is considered to be elastic if the quantity demand of the product changes drastically when its price increases or decreases

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What is concept of elasticity of demand?

Quantity demanded of a good will change as a result of a change in the size of any of these determinants of demand. ADVERTISEMENTS: The concepts of elasticity of demand, therefore, refers to the degree of responsiveness of quantity demanded of a goods to a change in its price, income and prices of related goods.

Answer 2

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•what is elasticity?

• =>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. In business and economics, elasticity refers to the degree to which individuals, consumers or producers change

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•main concept of elasticity?

• =>Elasticity is an economic concept used to measure the change in the aggregate quantity demanded for a good or service in relation to price movements of that good or service.

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