Explain the meaning of elastic

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Explain the meaning of elastic, inelastic, and unit elasticity as they relate to demand.

List the four major determinants of the price elasticity of demand, and explain how each determinant affects price elasticity.

Explain the relationship of income elasticity of demand to normal and inferior goods.

Explain how the producer's ability to shift resources to alternative uses and time affect price elasticity of supply.

Reference no: EM132282165

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