Exo

• Ability of an object

  Elasticity
• Material to resume its normal shape

  Elasticity
• Perfectly inelastic demand


  No change
• Greater than proportionate

  Elastic demand
• Less than the percentage change

  Inelastic demand
• same change in the price of the product

  Unitary elastic demand
• Measure of the responsiveness in quantity supplied to change in price

  Price elasticity of supply
• Product easily reproduce

  Elastic supply
• Product hard/difficult to produce

  inelastic supply
• Qs and P are equal

  Unitary elastic supply
• small change


  Perfectly selastic deman