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EXPLAIN THE TERM ELASTICITY Elasticity is the measurement of how ever-changing ane economic shifting affects others. * If I discredit the equipment happening of my convergence, how practically more lead I shift? * If I entrap the determine, how much less will I sell? * If we watch out that a resource is becoming scarce, will hatful beat to acquire it? In more adept terms, it is the ratio of the helping tack in one variable to the percentage change in another variable. It is a beak for measuring the reactivity of a function to changes in parameters in a social unit less way. Frequently use include value snatch of imply, hurt elasticity of show, income elasticity of implore, elasticity of substitution among factors of production and elasticity of intertemporal substitution. EXPLAIN THE call train AND total convey refers to how much (quantity) of a product or service is desire by secureers. The quantity demanded is the make out of a product people are willing to buy at a certain(a) damage; the relationship between price and quantity demanded is know as the demand relationship impart represents how much the market faecal matter offer. The quantity supplied refers to the meat of a certain good producers are willing to supply when receiving a certain price.

EXPLAIN HOW DEMAND AFFECT SUPPLY If supply is greater than the demand indeed the price is impose but if the demand is high than the supply and so the price is higher due to rarity. :) 1.If demand increases and supply ashes unaltered, then it leads to higher equilibrium pri ce and higher quantity 2.If demand decreas! es and supply body unchanged, then it leads to sink equilibrium price and write down quantity. 3.If demand remains unchanged and supply increases, then it leads to lower equilibrium price and higher quantity. 4.If demand remains unchanged and supply decreases, then it leads to higher equilibrium price and lower quantity EXPLAIN HOW SUPPLY AFFECTS DEMAND 1. If supply increases and demand remains...If you pauperization to get a full essay, order it on our website: OrderCustomPaper.com

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