Question on: SS2 Economics - Concept of Elasticity And Its Application
Why is elasticity important in economics?
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A
It helps us understand how changes in one economic variable affect other economic variables.
B
It helps us measure the total amount of economic activity in an economy.
C
It helps us determine the amount of government regulation in an economy.
D
It helps us calculate the number of resources available in an economy.
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Correct Option: A
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