elasticity – a measure of how consumers respond to price changes.
ex:
1.change demand for a product.
2. pricing and revenue
3.price changes
4.how much buyers will cut back
5.A product with inelastic supply would be one where the producers will be willing to sell.
6.A product with elastic supply is one where the price you offer will have a strong impact on whether the seller will sell. In the short term.

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