Question

Define Elastic Demand

Answer 1

Price elasticity of demand is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes.

Answer 2

Explanation:

Elastic demand is the study of change in the demand for any product with respect to change in the variables of that product.

The elasticity of demand depends upon many key features, like the price of that product, the income of the person, the necessity of that product.

Usually, the demand for a product decreases with the increase in the price of the product or decrease in the salary of the person.

While the demand also depends upon the necessity of that product, like we can't stop using salt if its price will increase or our salary will decrease.