Economy, asked by tadomudang, 1 year ago

concept and measurement of elasticity of demand?

Answers

Answered by shailesh1211

1

elasticity of demand refer to the degree of responsiveness of change in quantity supply in respect of change in price of it.

elasticity of demand = change in quantity /change in price × initial price /initial quantity

SIMPLE FORMULA :- %change in quantity / % change in price

Hope you understand it well

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