elasticity example
#economics #elasticity
If I lower the price of my product, how much more will I sell?
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Elasticity (economics) - Wikipedia, the free encyclopedianclear to readers. Please help us clarify the article; suggestions may be found on the talk page. (December 2010)
In economics, elasticity is the measurement of how responsive an economic variable is to a change in another. For example:
"<span>If I lower the price of my product, how much more will I sell?""If I raise the price of one good, how will that affect sales of this other good?""If we learn that a resource is becoming scarce, will people scramble to acquire it Summary
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