Define and Discuss on Elasticity

This article focus to Define and Discuss on Elasticity. Here explain Elasticity in economic point of view. To understanding how equilibrium prices and amounts change as demand and supply change, economists are also keen on understanding how demand and provide change in response to changes in prices and also incomes. The responsiveness of require demand or supply to alterations in prices or incomes is measured through the elasticity of demand as well as supply. Here discuss on formula based on demand and supply, also briefly explain in terms of Elasticity.