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Meaning of elasticity

 

 

 

Elasticity

 

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Business glossary

 

Meaning of term elasticity :

 

Elasticity is a measure of how much one variable responds to a change in another variable. There are various measures of elasticity including the price elasticity of demand, the income elasticity of demand, the cross elasticity of demand and the price elasticity of supply. If something is termed 'elastic' then this means that it is responsive to the variable that caused the change.

 

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Elasticity

 

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Meaning of term elasticity

 

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