What is the concept of elasticity used for
A)to analyze how much the economy can produce
B)to determine the level of government intervention in the economy
C)to analyze supply and demand with changes in market condition
D)to calculate consumer credit purchases

Question

Quizplus · Accepted Answer

The concept of elasticity is used to analyze supply and demand in relation to changes in market conditions. It helps to determine how sensitive consumers and producers are to changes in price or other market conditions. This analysis can be useful for businesses to set prices, for policymakers to understand the effects of interventions on the market, and for economists to understand the behavior of markets.

What Is the Concept of Elasticity Used for