Supply, Demand and Elasticity

Consumer interview or surveys market studies and experiment regression analysis -

Supply:- Willingness and ability of the producers to offer the goods in the market for sale at given process.
Demand:- Consumers desire, ability and will to purchase goods at various price.
Elasticity:- It is a measure of the sensitivity of one variable to another.

• Percentage change that will occur in one variable in response to a percentage change in another variable.
• Point elasticity - Elasticity at a given point on a function.
• Arc elasticity - Average elasticity over a given range of a function.