Elasticity is a measure of a variable's sensitivity to a change in another variable, most commonly this sensitivity is the change in price relative to changes in other factors. ... It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price.
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Answer:
Elasticity is a measure of a variable's sensitivity to a change in another variable, most commonly this sensitivity is the change in price relative to changes in other factors. ... It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price.
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