Question

Define Elasticity of Demand. Discuss the main method adopted to measures the elasticity of
demand.
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Answer 1

HELLO MATE HERE IS YOUR ANSWER.

Marshall evolved the total outlay, or total revenue or total expenditure method as a measure of elasticity. By comparing the total expenditure of a purchaser both before and after the change in price, it can be known whether his demand for a good is elastic, unity or less elastic.

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