what does elasticity measure in economics? how the amount of a good changes when the producer hires more…

what does elasticity measure in economics? how the amount of a good changes when the producer hires more employees how the amount of a good changes when the producer uses new materials how the amount of a good changes when its price goes up or down how the amount of a good changes when its distribution expands

what does elasticity measure in economics? how the amount of a good changes when the producer hires more employees how the amount of a good changes when the producer uses new materials how the amount of a good changes when its price goes up or down how the amount of a good changes when its distribution expands

Answer

Brief Explanations:

Elasticity in economics measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It focuses on the relationship between price and quantity.

Answer:

how the amount of a good changes when its price goes up or down