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What does elasticity measure in economics?
What does elasticity measure in economics?
Thu Jan 09 2025
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6 answers
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I am studying elasticity in economics and I want to understand what it actually measures. I know it's related to changes in demand or supply when prices change, but I need a clearer explanation.
6 answers
Sat Jan 11 2025
By analyzing elasticity, businesses can predict consumer behavior and adjust strategies accordingly.
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Sat Jan 11 2025
There are primarily two categories of elasticity: inelastic and elastic.
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Sat Jan 11 2025
Elasticity in economics serves as an indicator of how a product reacts to fluctuations in its price.
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Sat Jan 11 2025
Inelastic goods exhibit minimal change in demand even when prices vary significantly.
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Sat Jan 11 2025
On the other hand, elastic goods show a substantial shift in demand with minor price changes.
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