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Elasticity of demand refers to how responsive consumers are in reaction to a change in price. Inelastic demand means that a large change in price will only cause a marginal decrease in the amount of a good/service demanded. Elastic demand means that a small change in price will lead to a large decrease in the quantity of a good/service demanded. Factors that affect demand elasticity are:
• Whether the purchased is perceived to be urgent or whether it can wait and alternatives can be found.
• Cost and availability of substitute goods.
• The percentage of income which is spent on that good or service (an expensive good will be more elastic)
• Whether the good is perceived as being either a necessity or a luxury
Elasticity of supply refers to the responsiveness of suppliers to a change in price. Inelastic supply means that a large change in price will lead to a minimal change in the quantity of a good/service produced. Elastic supply means that a small change in price will lead to a large change in the quantity of goods/services produced. Factors that affect elasticity of supply are:
• The ability to store.
• The mobility of resources.
• Producer expectations.
Also see here,
http://economics.mrwood.com.au/unit1/mm/mm11.asp