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Answer 2

Q Question: The consequences of elasticity are all around. This article discusses 10 different ways we see elasticity in the world. https://www.economicsdiscussion.net/elasticity-of-demand/price-elasticity-of-demand-top-10-uses Did any of these applications of elasticity surprise you? Did any give you pause to think? Which one was the most interesting? Any of them seem obvious?

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Elasticity is the ability to change and adapt. In the context of economics it can be explained as the degree of responsiveness. The types of elasticity discussed in economics are price elasticity, income elasticity and cross elasticity. Price elasticity measures degree of responsiveness of quantity demanded to change in its price.