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Supply, demand, and price elasticity supply, demand, and price elasticity we use multiple products on a daily basis, from toothpaste to ink pens though we may use. (1) identify who formalized the concept of elasticity and explain the concept the economist alfred marshall formalized the concept of elasticity he introduced this. The price elasticity of eggs is very low the reason that the price elasticity is low is because there are no substitutes for eggs the consumption of eggs. Traditionally, supply and demand are viewed as key concepts which influence the market development and the general situation in economy because substantial.
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