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2 comments:
In economics, elasticity is the ratio of the percent change in one variable to the percent change in another variable. It is a tool for measuring the responsiveness of a function to changes in parameters in a relative way. Commonly analyzed are elasticity of substitution, price and wealth. Elasticity is a popular tool among empiricists because it is independent of units and thus simplifies data analysis.
Elasticity is a very important thing in economics, because you have to know many details in economics,also you have to discern elasticity and inelasticity.
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