Ask Question
Social StudiesSocial Studies
8 December, 14:38

What is the best definition of elasticity in economics?

Elasticity of supply measures how the amount of a good changes when the producer hires more employees.

Elasticity of supply measures how the amount of a good changes when the producer uses new materials.

Elasticity of demand measures how the amount of a good changes when its price goes up or down.

Elasticity of demand measures how the amount of a good changes when its distribution expands.

+3
Answers (2)
  1. 8 December, 16:26
    0
    The third is the best definition: Elasticity of demand measures how the amount of a good changes when its price goes up or down. Elasticity of demand is a measure used to show the responsive of a market as prices increase of decrease.
  2. 8 December, 17:46
    0
    I believe the answer is: Elasticity of demand measures how the amount of a good changes when its price goes up or down.

    If the increase in price for a product reduce the overall demand of the demand, we considered that product to be 'elastic'

    But, if the increase of the price does not any reduction in the demand, we consider the product to be 'inelastic' (this usually happen for basic need products such as water or oil)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “What is the best definition of elasticity in economics? Elasticity of supply measures how the amount of a good changes when the producer ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Most people know me for my writings about the struggles that arose between social classes and formed the basis of communism. My theories are also the basis of the social conflict approach to sociological studies. Who am I? O A. Herbert Spencer O B.
Answers (2)
to reward the Chinese for their role in the Allied victory over Japan B. the fear of Soviet communist expansion throughout Europe C. the need to support colonial independence movements in the developing world D.
Answers (1)
How many transactions was made
Answers (1)
What do hopi indians do
Answers (1)
What happened as a result of humans settling down into agricultural villages? A. Social roles and work definition began to change. B. People stopped trading with each other. C. Priests began to control religious practices. D. Writing was invented.
Answers (1)
New Questions in Social Studies
Which Texas industry expanded because of an increased need for gasoline? A. Cotton B. Railroad C. Insurance D. Petroleum
Answers (2)
Microeconomics focuses on A. aggregate economic variables like the rate of unemployment or national income. B. inflation and growth in our overall economy. C. all households and firms grouped together and how they interact with the government. D.
Answers (1)
What grade in school via beginning wonder book?
Answers (1)
Charlotte just finished her second year in college. She is going to get a job in the Energy career cluster. She would be qualified for careers as a Geological and Petroleum Technician, and a Electrical Power-Line Installer and Repairer.
Answers (1)
A doctor at Boston University partnered with a professor at Northeastern University to create a virtual support program for patients recently discharged from the hospital.
Answers (1)
Home » Social Studies » What is the best definition of elasticity in economics? Elasticity of supply measures how the amount of a good changes when the producer hires more employees.
Sign Up Forgot Password?