What is the best definition of elasticity in economics?

elasticity of supply measures how the amount of a good changes when the producer hires more employees.
elasticity of supply measures how the amount of a good changes when the producer uses new materials.
elasticity of demand measures how the amount of a good changes when its price goes up or down.
elasticity of demand measures how the amount of a good changes when its distribution expands.

The best definition of elasticity in economics is that elasticity of demand measures how the amount of good changes when its price goes up or down. Elasticity is a measure of the sensitivity of variables to an alteration in another variable.

EXPLANATION:  

In economics and business, elasticity denotes the rate at which individuals, producers or consumers alter their demand or the quantity provided as a response to prices or income changes. This is mainly used to measure changes in consumer demand as an outcome of changes in the price of goods or services. When the elasticity value is greater than 1, it shows that the demand for goods or services is influenced by price. A value less than 1 indicates that demand does not price sensitive.

Elasticity is an economic model employed to assess changes in the collective amount demanded an item or service in connection with the price movements of the item or service. A product is considered elastic if the demand for product quantity changes significantly when the price goes up or down. On the other hand, a product is thought inelastic if the demand for product quantity changes very little when the price fluctuates.

On the contrary, the equation is a very elastic product. Bouncy balls, for instance, are very elastic because they are not needed items, and consumers will only determine to acquire if the price is low. Thus, if the price of bouncy balls rises, the quantity needed will decrease significantly, and if the price goes low, the quantity needed will goes up.

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If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

•Supply and Demand:

KEYWORDS: elasticity in economics, elasticity, economics, definition of elasticity in economics

Subject  : Social Studies

Class  : 10-12

Sub-Chapter: Elasticity in Economics

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