What is elasticity and explain its types?
It is an ability of an object or material through which it can come back to its normal shape after going through stretches, compression.
Types
- Perfectly Elastic Demand (EP = ∞) ...
- Perfectly Inelastic Demand (EP = 0) ...
- Relatively Elastic Demand (EP> 1) ...
- Relatively Inelastic Demand (Ep< 1 ) ...
- Unitary Elastic Demand ( Ep = 1)
BY Best Interview Question ON 21 Apr 2019