Elasticity

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