Elasticity: Elasticity is a measure of the sensitivity of one variable to another
In another words percentage change that will occur in one variable in response to a percentage change in another variable.
DETERMINANTS OF ELASTICITY:
There are two types of elasticity they are suplly and demand
Supply Demand
1. Flexibility 1. Price of good
2. Mobility of inputs 2. Price of substitute 3. Durability 3. Income of customer
4. Time. 4. Advertising to their
Promotional measures
In another words percentage change that will occur in one variable in response to a percentage change in another variable.
DETERMINANTS OF ELASTICITY:
There are two types of elasticity they are suplly and demand
Supply Demand
1. Flexibility 1. Price of good
2. Mobility of inputs 2. Price of substitute 3. Durability 3. Income of customer
4. Time. 4. Advertising to their
Promotional measures
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