What is elasticity in economics? meaning

What is elasticity in economics? meaning

Elasticity  is  the  measure  of  degree  of  responsiveness  of  dependent  variable  due  to  changes (variations) in the independent variable(s).

In the theory of demand and supply, quantity supplied and quantity demanded are said to be dependent variables while their determinants like price of the commodity are said to be independent variables.

Elasticity measures how demand shifts when economic factors change

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