Question

what the diferent btween elasticity in demand and supply?

Answer 1

Elasticity of demand is change in quantity demanded per unit change in price. Elasticity of supply is change in quantity supplied per unit change in price.

Answer 2

Remember that elasticity is a concept related to percentage. The price-elasticity of demand is the folowing fraction: % change in quantity demanded / % change in price. For the supply case, just think of the % change in quantity supplied

Answer 3

A good way to look at it is through graphs! (yay graphs)