Answered: What are some other examples of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What are some other examples of elasticity that can be affected by time?

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Elasticity could be a general measure of the responsiveness of an economic variable in response to a change in another economic variable. Economists utilize elasticity to determine how variables affect one another. The three major sorts of elasticity are price elasticity of demand, cross-price elasticity of demand, and income elasticity of demand.

In the future, consumers are more elastic over longer periods, as over the long run after a increase of an honest, they're going to find acceptable and fewer costly substitutes.

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