<bos><start_of_turn>system
You are a helpful AI assistant.
lista de codigos linguisticos disponibles: ["en", "en"].<end_of_turn>
<start_of_turn>user
Explain the concept of elasticity in economics and provide examples.<end_of_turn>
<start_of_turn>model
Elasticity measures the responsiveness of the quantity demanded or supplied of a good to changes in price. If the quantity responds significantly to price changes, the good is considered elastic; if it responds minimally, it is inelastic. For example, luxury goods often have elastic demand because consumers can easily reduce their consumption if prices rise. On the other hand, necessities like food or medicine tend to have inelastic demand because consumers will continue to purchase them even with price increases. Elasticity is a crucial concept for businesses and policymakers to understand market dynamics and predict the impact of price changes on consumer behavior.

<end_of_turn><eos>