ABOUT ELASTICITY

ELASTICITY:
                       It is a measure of how much the quantity is demanded of a good and how much the changes in relation to price of the product.That is , Income or Supply.
            In simple words,
Changes in one variable due to the changes in another variable ,called ELASTICITY.

In elasticity their are two types of work take place .That is,
-ELASTIC
-INELASTIC

ELASTIC - If the demand of product changes lot, when price changes little, a product is said to be elastic.

For example- In summer,the price of ice cream changes little and the demand of ice cream changes lot, this type of example is said to be elastic.

INELASTIC - If the demand of product changes little, when price changes lot,a product is said to be inelastic.

For example - If their is a lack of sugar   production, the ice cream company will afford more price to purchase sugar for preparing ice cream which makes to increase the price of ice cream more. But in summer the demand of ice cream changes little. This type of example is said to be inelastic.