Search information about the following basic microeconomic concepts, and define them in both English and Spanish:
- Demand elasticity
- Income elasticity
- Supply elasticity
- Production costs
Elaborate an APA formatted, one page single spaced, or a two-page double spaced essay using the definitions and providing examples for each definition. Make sure you have an introduction, and provide analysis and conclusions, internal references, and a List of References.
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In microeconomics basics, elasticity is the degree to which consumers, individuals and producers change amount supplied or demand in relation to income changes and price. Elasticity is important in enquiring the difference in consumer demand as a result of services or good of a price. However, can also be termed as the measure of the quantity demanded or supplied to the differences of either supply or demand (William, 2016). In economics elasticity answers questions such as: Perhaps, pricing of a certain product decreases to what extend is it effective to the firm to be able to supply in the market. Secondly, if l decrease the product price, will l sell to a maximum. Thirdly, increasing pricing of one good how effective can it be to other sales.