Question

1- define consumer,2- define demand and 3- elasticity of demand​

Answer 1

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• Consumer : A consumer is the final user of a purchased product or service. ... Consumers can be either an individual or group of people who purchase or use goods and services solely for personal use, and not for manufacturing or resale.

• Demand : Demand is the quantity of consumers who are willing and able to buy products at various prices during a given period of time. Demand for any commodity implies the consumers' desire to acquire the good, the willingness and ability to pay for it.

• Elasticity of demand : Demand for a good is said to be “elastic” if a small change in price causes people to demand a lot more or a lot less of the good. Demand for a good is “inelastic” if a small change in prices causes people to make no change or almost no change in how much they demand of that good.

Answer 2

Answer:

$\huge\sf\underline{Answer}: </p><p>Answer</p><p> </p><p> :</p><p></p><p>Consumer : A consumer is the final user of a purchased product or service. ... Consumers can be either an individual or group of people who purchase or use goods and services solely for personal use, and not for manufacturing or resale.</p><p>Demand : Demand is the quantity of consumers who are willing and able to buy products at various prices during a given period of time. Demand for any commodity implies the consumers' desire to acquire the good, the willingness and ability to pay for it.</p><p>Elasticity of demand : Demand for a good is said to be “elastic” if a small change in price causes people to demand a lot more or a lot less of the good. Demand for a good is “inelastic” if a small change in prices causes people to make no change or almost no change in how much they demand of that good.$

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Answer

:

Consumer : A consumer is the final user of a purchased product or service. ... Consumers can be either an individual or group of people who purchase or use goods and services solely for personal use, and not for manufacturing or resale.

Demand : Demand is the quantity of consumers who are willing and able to buy products at various prices during a given period of time. Demand for any commodity implies the consumers' desire to acquire the good, the willingness and ability to pay for it.

Elasticity of demand : Demand for a good is said to be “elastic” if a small change in price causes people to demand a lot more or a lot less of the good. Demand for a good is “inelastic” if a small change in prices causes people to make no change or almost no change in how much they demand of that good.