can someone explain elasticity of demand ?
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The price elasticity of demand measures the degree of responsiveness of the demand for a good to the change in its
price. It is defined as the ratio of percentage change in the demand for a good to the percentage change in its price.
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hey friend here is your answer:
" demand elasticity refers to how sensitive the damand for a good is to changes in other economic variables,such as the prices and consumers income.Demand elasticity is calculated by taking the percent change in quantity of a good demanded and dividing it by a percent change in another economic variable".
hope it helps
" demand elasticity refers to how sensitive the damand for a good is to changes in other economic variables,such as the prices and consumers income.Demand elasticity is calculated by taking the percent change in quantity of a good demanded and dividing it by a percent change in another economic variable".
hope it helps
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