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Elasticity<br />
· Elasticity is a concept borrowed from physics<br />
· Elasticity is a measure of how responsive a<br />
dependent variable is to a small change in an<br />
independent variable(s)<br />
· Elasticity is defined as a ratio of the percentage<br />
change in the dependent variable to the<br />
percentage change in the independent variable<br />
· Elasticity can be computed for any two related<br />
variables<br />
Fall '97 www.elearnuganda.net Slide 2
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