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Title: Elasticity

Essay Details

Subject: Miscellaneous
Author: Laurel S
Date: May 16, 2015
Level: University
Grade: A
Length: 2 / 581
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

Economists frequently measure elasticity because they want to compare markets such as apples to oranges and it does not matter how price or quantity is measured, thus elasticity is a unit-free measurement. It allows economists to quantify the differences among markets without standardizing units of measurement...

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Demand elasticity is the degree to which a change in price effects changes in demand and supply elasticity is when supplies of an item go up the price comes down and vice versa if price goes up supply goes down. Within each type of elasticity we can have price and income elasticities. Price elasticities occur when either the quantity of an item demanded or supplied is responsive to a change in price...

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