Wy is concept of elasticity important what does it tell

Reference no: EM13387695

Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elasticity, not demand elasticity.) Explain your answer using determinants of elasticity.

Reference no: EM13387695

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