ECO 303

Kenyatta University

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Summary ECO 303 (ECO303)
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6

January 2023

2021/2022
Elasticity is a business and economics concept that refers to the degree to which customers or producers alter their demand or supply in response to changes in price or revenue. Concerning the transport industry, the elasticity of transport demand implies how travelers are sensitive to price changes. As a general rule, an increase in the price of any good or service is associated with a corresponding reduction in the quantity demanded. However, at times, the transport sector can be inelastic. Fo...
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