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What is Elasiticity of Demand and Supply about?

Elasticity measures the responsiveness of quantity demanded or supplied to changes in price or income. It is defined as the percentage change in quantity divided by the percentage change in price, with elastic demand or supply being greater than one, inelastic being less than one, and unitary elasticity indicating proportional responsiveness. Understanding elasticity helps analyze how price changes affect market behavior.

Author

vinayakchandelx1

Language

EN