Elasticity often flummoxes many students of microeconomics and they find it difficult to wrap their heads around it. Price elasticity isn’t as difficult as students imagine them to be. Once a student is familiar with the laws of demand and supply and he/she can work their way through the demand and supply curves, the next topic they have to learn is the price elasticity of demand and other topics such as inelasticity, perfect elasticity, constant unit elasticity, cross unit elasticity and so on.
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