ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Elasticity refers to the measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. Goods that are elastic see their demand respond rapidly to changes in factors like price or supply.

Detailed explanation-2: -Elastic is a term used in economics to describe a change in the behavior of buyers and sellers in response to a change in price for a good or service. In other words, demand elasticity or inelasticity for a product or good is determined by how much demand for the product changes as the price increases or decreases.

Detailed explanation-3: -Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded-or supplied-divided by the percentage change in price.

Detailed explanation-4: -Price elasticity refers to the extent to which changes in price affect the demand for a product. In other words, it measures the responsiveness of consumers to changes in the price of a product. If a product is price elastic, a small change in price will result in a large change in the demand for that product.