Define elasticity of demand and write the formula
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Answer:
Demand elasticity is calculated as the percent change in the quantity demanded divided by a percent change in another economic variable.
Explanation:
Price elasticity of demand is measured by using the formula:
The symbol A denotes any change.
This formula tells us that the elasticity of demand is calculated by dividing the % change in quantity by the % change in price
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Price Elasticity of Demand (With Formula) ... It is called elasticity which is a measure of market sensitivity of demand. The law of demand simply states that a fall in the price of a commodity will lead to an increase in the quantity demanded of the same.
Explanation:
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