Elasticity of Demand and Supply

Abstract

Nowadays, the concept of elasticity is used in every department of the economy. To one degree or another, the coefficient of elasticity is widely used in the analysis of market equilibrium, in the analysis of the market composition, in the determination of monopolies there, in the theory of economic cycles. The general concept of elasticity, the influence of various factors on the elasticity of demand, inelastic demand, the main factors that determine the elasticity of supply, the time factor and information about the elasticity of supply are covered in this article.