In business and economics, elasticity refers to the degree to which individuals, consumers or producers change their demand or the amount supplied in response to price or income changes. It is predominantly used to assess the change in consumer demand as a result of a change in a good or service's price. Elasticities are often lower in the short run than in the long run. Why? Explain your answers using the four factors of production. Cite situations. You may choose between demand or supply elasticity to justify your answers