Question

Change in the quantity demanded of a commodity due to change in its own price, other things remaining constant, is called​

Answer 1

Answer:

Elasticity of demand refers to change in quantity consequent upon change in price of the commodity.

Answer 2

Change in the quantity demanded of a commodity due to change in its own price, other things remaining constant, is called​ Price elasticity of demand.

1. It must not be confused by Law of demand because in law of demand we show inverse relationship whereas here we show how much change has occured in quantity demanded to a change in price.
2. If the price change does not affect the quantity demanded then it is inelastic demand.
3. If the price chage affect the quantity demanded then it is elastic demand.