Elasticity is a key economic concept that measures the responsiveness of the quantity demanded or supplied of a good to changes in its price. The article covers various types of elasticity, including price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross-price elasticity of demand, each providing insights into market dynamics…

Supply and demand are essential economic concepts that explain how markets operate. Supply indicates the quantity of goods or services that producers are willing to sell at various prices, while demand reflects the quantity that consumers are willing to purchase. The interaction between these two forces determines market prices and quantities, leading to market equilibrium…