Answered

Economists use the concept of __________ to measure how one economic variable, such as quantity demanded responds to a change in another economic variable, such as price.

Answer :

Answer:

The correct answer is Elasticity.

Explanation:

Elasticity is a measure of the sensitivity of the quantity demanded of a good to a change in its price. Elasticity seeks to measure the impact, or the degree of variations in the demands or offers of the products given various price variations.

Mathematically it is expressed:

E = Elasticity, (Q) = Quantity, P = Price

E = Percentage variation of increase in (Q) / Percentage decrease of decrease in (P)

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