What is the best definition of elasticity in economics?

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14-12-2017
Business

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What is the best definition of elasticity in economics?

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DISTURBED15 DISTURBED15 · Answer 1 · 2017-12-14T20:15:16+01:00

DISTURBED15 DISTURBED15

14-12-2017

The theory of elasticity refers to the responsiveness of supply and demand to changes in price. The elastic product means that any change in price can result in changes in supply or demand. The inelastic product means that changes in price do not affect to a noticeable degree, supply or demand.

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novembershae novembershae · Answer 2 · 2022-07-05T21:22:42+02:00

novembershae novembershae

05-07-2022

Answer:

C: Elasticity of demand measures how the amount of a good changes when its price goes up or down.

Explanation:

I just had this come up in the unit test prep.

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