What is elasticity and explain its types?

1.	What is elasticity and explain its types?
Answer» 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)

Answer»

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

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