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Elasticity is a term broadly used in economics to signify the “responsiveness of one variable to changes in to another.”
Types of Elasticity can be explained as follows:
There are four major types of elasticity which are stated below:
• Price Elasticity of the Demand.
• Price Elasticity of the Supply.
• Income Elasticity of the Demand.
• Cross-Price Elasticity of the Demand.
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the diagram used to illustrate abnormal and normal progits
The most fundamental economic problem is scarcity.
true or false ,It is not possible for the compensated own price elasticity to equal the uncompensated own price elasticity.uestion #Minimum 100 words accepted#
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problem solving
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