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New page: Elasticity addresses the responsiveness of quantity demanded (or supplied) to changes in price, income, or price of other goods. For example, the price elasticity of demand is computed as ...
Elasticity addresses the responsiveness of quantity demanded (or supplied) to changes in price, income, or price of other goods. For example, the price elasticity of demand is computed as percentage change in quantity divided by percentage change in price.
[[Category: Economics]]
[[Category: Economics]]