Define elasticity of demand? What are the factors affecting elasticity of demand? Discuss the significance of elasticity of demand in business.
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A Change In Price Does Not Always Lead To The Same Proportionate Change in Demand. For Example, A Small Change In Price Of AC May Affect Its Demand To A Considerable Extent/Whereas, Large Change In Price Of Salt May Not Affect Its Demand. So, Elasticity Of Demand Is Different For Different Goods.
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