What is Elasticity of Supply? Definition, Formula, Example, Determinants
Elasticity of supply is a measure of the degree of change in the quantity supplied of a product in response to a change in its price.
What is the Elasticity of Demand? Definition, Formula, Example, Types
Elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers.
