What is elasticity of demand

First, think of 'elasticity' as a general word.it means "ability stretch". Therefore elasticity of demand could be understood to be how demand of a certain commodity strecthes or reacts in response to changes variables that affects demand.

CO

Related Economics A Level answers

All answers ▸

What is the IS-LM model?


Can the creation of a labour union actually cause a loss of employment?


What is the opportunity cost of a good?


What will happen to the UK economy if investment increases?