What is the definition of elasticity vs. inelasticity. I understand based on number (price elasticity) but what does it mean if something is elastic or inelastic? What are the effects on the product/point on a graph?
What is the definition of elasticity vs. inelasticity. I understand
based on number (price elasticity) but what does it mean if something is elastic or inelastic? What are the effects on the product/point on a graph?
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