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Signjoy
 2 years ago
Best ResponseYou've already chosen the best response.0Elasticity 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.

Klanfer
 2 years ago
Best ResponseYou've already chosen the best response.0Remember that elasticity is a concept related to percentage. The priceelasticity 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

Year11economics
 2 years ago
Best ResponseYou've already chosen the best response.0A good way to look at it is through graphs! (yay graphs) dw:1351679359470:dw
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