WhatsApp Query Click & Ask

 

Elasticity means flexibility, that is if pressure is exerted from different source (price or income) will the object under consideration(demand) will change. If change in price impacts quantity demanded we say demand is elastic. On the other hand if change in price doesn't impact demand we say demand is inelastic.

In this video the terms elasticity is explained through rubber band. Entire course can be seen at following link

 https://www.meraskill.com/ca-cpt/economics/demand

Subscribe to Our Channel & Page