Elasticity
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Title: Elasticity

Essay Details:

Subject: Miscellaneous
Author: Laurel S
Date: May 16, 2015
Level: University
Grade: A
Length: 2 / 581

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. There are various types of elasticity, including demand elasticity and supply elasticity. 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...

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