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Elasticity is an economic measure of how sensitive one economic factor is to changes in another. .
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Total revenue and elasticity.
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Elastic demand means consumer demand for a product changes proportionately when the price of the good or service changes.
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18 examples: The welfare cost estimates are approximately doubled in both cases if we estimate the price.
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From the Cambridge English Corpus In contrast, low values for the elasticities of substitution between labour and nature can, according to (8), lead to sustainable development.