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You can browse the past Elasticity is an economics concept that measures responsiveness of one variable to changes in another variable. Suppose you drop two items from a second-floor balcony. The first item is a tennis ball. The second item is a brick. Which will bounce higher? Obviously, the tennis ball. We would say that the tennis ball has greater elasticity.Determinants of the Elasticity of Demand 1. Close substitutes- higher elasticity 2. Narrowly defined goods- higher elasticity 3. Luxury goods are higher elasticity than necessities 4. Long-run is higher elasticity than short-run Total Revenue and Elasticity of Demand With inelastic demand, TR follows the price (i.e. price falls so does TR).Microeconomics is the study of the behavior of individual decision makers in the economic system, particularly households and business firms. 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