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raalsale
what the diferent btween elasticity in demand and supply?
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|