A usage of trade applicable in the place in which part of the performance under the agreement is to occur may be so utilized as to that part of the performance. In economics, we use elasticity to measure the responsiveness of buyers and sellers relative to the change in the price of goods and services.If consumers are relatively responsive to price changes, demand is said to be elastic. The price elasticity of demand is the ratio of the percentage change in quantity to the percentage change in price. In his highly entertaining book, Poorly Made in China, Paul Midler (2009) describes his experiences as an offshoring consultant in China, where his. The significant features for the year with regard to industrial out put were 1 Substantial increase in the output of durable goods. Gasoline refining has relatively elastic demand of 8.70 percent, which fits with its low. Sales Tax applies to most retail sales of goods and some services in Minnesota. Quantity changes a lot in response to small changes in price.