If the airline increases the price to $500, The price elasticity of demand for leisure travelers is 2.
In physics and materials technological know-how, elasticity is the capability of a body to withstand a distorting impact and to return to its authentic length and form whilst that impact or pressure is eliminated.
What's elasticity and example?
Elasticity is the capability of an object or fabric to renew its everyday form after being stretched or compressed. example: A rubber regains its form after long stretch due to its elastic belongings.
How do you explain elasticity?
Elasticity is an economic concept used to degree the alternate within the mixture amount demanded of an amazing or service with regards to price actions of that good or service. A product is considered to be elastic if the amount call for of the product modifications more than proportionally while its price increases or decreases.
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