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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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u=2x^2+3y^2 hence income=310 birr and price=3 birr calculate quntity of x and y the optimize&minmize utilityfor the given income
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