Classical English sentences of traditional economics

1 Price elasticity is an index to measure the response of buyers and sellers to market price changes (other things being equal).

Elasticity here is elasticity ~

Definition of elasticity: elasticity is an index to measure the reaction of buyers and sellers to changes in market price conditions.

But the price is specifically pointed out here, so I think we should do price elasticity translation.

On the ordinary linear demand curve (except completely vertical or horizontal), there are many points from elastic demand to inelastic demand, and one point represents the unit elasticity of demand.

This paragraph is a free translation ~ in order to better illustrate the points of the demand curve

3 the price elasticity of demand measures substitutability. The more substitutes there are for an item, the greater the elasticity of demand, which can be simply understood as customers have more choices, which leads to the price of the item easily changing.

As time goes on, the elasticity of demand will increase, because people will have more opportunities to choose other items to replace (the original items).

This truth is also based on 3, which should not be difficult to understand.

I hope the answer will help you.