Question

Define elasticity of demand.​

Answer 1

Explanation:

The elasticity of demand is the change in demand due to the change in one or more of the variable factors that it depends on. The responsiveness of the quantity demanded to the change in income is called Income elasticity of demand while that to the price is called Price elasticity of demand.

Answer 2

Price elasticity of demand, or elasticity, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive.