Elasticity of Demand : Complete note
2024-04-17
Price elasticity of demand is a measure of the change in the demand for a product in relation to a change in its price.
A good's price elasticity of demand is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The responsiveness of the quantity demanded to the change in income is called Income elasticity of demand while that to the price is called Price elasticity
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