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Definition of Elasticity
Is defined as the ratio of the relative change of one (dependent) variable to changes in another (independent) variable, or it's a percentage change of one variable given a one percent change in another.
Elasticity of Demand
Measures the extent to which the quantity demanded of a good responds to changes in one of the factors affecting demand.
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
diagram of a perfect competition
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