what the diferent btween elasticity in demand and supply?

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what the diferent btween elasticity in demand and supply?

OCW Scholar - Principles of Microeconomics
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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Elasticity of demand is change in quantity demanded per unit change in price. Elasticity of supply is change in quantity supplied per unit change in price.
Remember that elasticity is a concept related to percentage. The price-elasticity of demand is the folowing fraction: % change in quantity demanded / % change in price. For the supply case, just think of the % change in quantity supplied
A good way to look at it is through graphs! (yay graphs) |dw:1351679359470:dw|

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