We have learned that demand and supply are affected by factors other than market price alone. For example, demand is also affected by income and the price of other goods.

   One can devise an elasticity measure to capture the relationship between any two quantities, not just economic variables. Even within economics, there are many types of elasticities. In introductory microeconomics, it is typical to restrict our study of elasticity to a few types; though once you understand how elasticities are computed, you can create your own as needed.

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