What is elasticity in different markets?
Elasticity measures how much the quantity demanded or supplied of a good changes in response to price changes.
Can you explain the difference between price elasticity of demand and supply?
Sure! Price elasticity of demand measures how much demand changes with price changes, while supply measures the same for producers.
What factors affect elasticity in a market?
Factors include the availability of substitutes, necessity vs luxury status, and the time period considered.
How does elasticity impact business pricing strategies?
Understanding elasticity helps businesses set prices that maximize revenue by predicting how consumers will respond to price changes.
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