Elasticity, Applications, Examples, Importance

In economics, elasticity is the ratio of the proportional change in one variable with respect to proportional change in another variable. Price elasticity, for example, is the sensitivity of quantity demanded or supplied to changes in prices. Elasticity is usually expressed as a negative number but shown as a positive percent value.

This article provides information about the following:

* Applications
* Mathematical definition
* Examples
* Importance

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Source: Wikipedia