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Elastic
Inelastic
VS.
Elasticity refers to the
degree of responsiveness in
supply or demand in relation
to a change in price.
If Supply and Demand are considered to be
more elastic, then a small change in price will
create a large change in quantit...
If supply and demand are considered to be more
inelastic, then a small change in price will create
a small change in quant...
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Elasticity

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Transcript of "Elasticity"

  1. 1. Elastic Inelastic VS.
  2. 2. Elasticity refers to the degree of responsiveness in supply or demand in relation to a change in price.
  3. 3. If Supply and Demand are considered to be more elastic, then a small change in price will create a large change in quantity.
  4. 4. If supply and demand are considered to be more inelastic, then a small change in price will create a small change in quantity.
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