How are the elasticities of supply and demand similar?
How do they differ?

Elasticities of supply and demand are similar because they put into consideration how demand and supply is going to be affected by slightest changes in price.

They differ because demand elasticity put into consideration how demand will change price BUT supply elasticity consider how the supply will change price

Explanation:

Elasticity of demand can be described as how the change in demand may result into the change in the price . It can me calculated using the formula which states that change in quantity % divided by change in price %

Elasticity of supply can be described as how price change can affect quantity to be supplied. The formula states that change in quantity supplied % DIVIDED by change in price

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