Question

What is the best definition of elasticity in economics

Answer 1

Answer:

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

Explanation:

I just took the test and I hope this helps.

Answer 2

Elasticity is a measure of variables sensitivity to a change in another variable, refers the degree to which individuals, consumers, or producers change their demand of the amount supplied in response to price or income changes.