1.Elasticity is the measure of sensitivity or responsiveness of quantity demanded or quantity supplied to changes in price (and to changes in the other ceteris paribus factors).
2.Linear demand curves, except for those that are perfectly vertical or horizontal, have points on them that range from elastic to inelastic and one point that is unit elastic.
3.Price elasticity of demand is a measure of substitutability. The more substitutes an item has, the more elastic demand will be. This simply means that consumers have more options and, as a result, respond more readily to changes in price.
4.As time increases, elasticity of demand increases because individuals have more opportunity to substitute other goods.
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