What is the best definition of elasticity in economics?

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asked Feb 17, 2018 114k views

2 Answers

Jaco · Answer 1 · 2018-02-19T22:36:53+0000

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.

Ashiq A N · Answer 2 · 2018-02-21T17:41:53+0000

Answer:

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

Step-by-step explanation:

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

What is the best definition of elasticity in economics?

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