Answer to Question #53578 in Microeconomics for tope ogunsola

Question #53578
What is elasticity?
1
Expert's answer
2015-07-23T00:00:42-0400
In economics, elasticity is the measurement of how responsive an economic variable is to a change in another. Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable, when the latter variable has a causal influence on the former.

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