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OpenStudy (anonymous):
what the diferent btween elasticity in demand and supply?
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OpenStudy (anonymous):
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.
OpenStudy (anonymous):
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
OpenStudy (anonymous):
A good way to look at it is through graphs! (yay graphs) |dw:1351679359470:dw|
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