Course :Economics of Shipping Please state the definition of elasticity and answer the question throughly Please provide
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Course :Economics of Shipping
Please state the definition of elasticity and answer the question throughly
Please provide references
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Elasticity is the concept that measures the responsiveness of demand and supply to a change in price. Discuss how this concept apply to the supply and demand for shipping services. Explain, what drives supply inelasticity in the shipping market. Elasticity is the concept that measures the responsiveness of demand and supply to a change in price. Discuss how this concept apply to the supply and demand for shipping services. Explain, what drives supply inelasticity in the shipping market.
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