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what is elasticity if supply and demand? for Microeconomics. what is elasticity of supply and demand...

what is elasticity if supply and demand? for Microeconomics.

what is elasticity of supply and demand from microeconomics?
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Answer #1

Elasticity of demand is responsiveness of demand in the market in relation to change in the price level, if the change in the demand is more than the change in the price then the demand is elastic and if the change in the demand is less than the change in the price then the demand is inelastic.

Elasticity of supply is responsiveness of the supply in relation to the change in the price, if the supply changes more than the price change then it is elastic or else it will be considered as inelastic.

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