economic lowdown video series—video 1: what is elasticity? 5 of 8 when economists refer to elasticity, they…
economic lowdown video series—video 1: what is elasticity? 5 of 8 when economists refer to elasticity, they are primarily concerned with: the stretchiness of rubber bands the responsiveness of consumers to price changes the durability of goods the availability of substitutes
Answer
Brief Explanations:
In economics, elasticity measures the responsiveness of quantity demanded or supplied to a change in one of its determinants, most commonly price. It shows how consumers react to price fluctuations.
Answer:
The responsiveness of consumers to price changes