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elasticty of supply it is about measuring the response of quantity of a good supplied to a change the price of a particular good. elasticity of labor supply it is about measuring the response of labor supplied to a change in a price labor. inelastic demand it is about elasticity that measures the nature and degree of the relationship between changes in quantity demanded of a good and changes in its price. income elasticity of demand it is about measuring the responsiveness of the quantity demanded of a good to the change in the income of the people demanding the good.