Question

define price elasticity of demand and explain its type with diagram​

Answer 1

Answer:

Price Elasticity is the responsiveness of demand to change in price; income elasticity means a change in demand in response to a change in the consumer's income; and cross elasticity means a change in the demand for a commodity owing to change in the price of another commodity.

Answer 2

Explanation:

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• Price elasticity of demand shows the proportion to which demand changes with a change in price.
• It can be expressed as follows:-
• $Price \: elasticity \: of \: demand \: = \frac{Proportionate \: change \: in \: demand}{Proportionate \: change \: in \: price}$

• According to Marshall, the degree of elasticity of demand depends upon the extent of rise in demand because of a fall in price and upon the extent of fall in demand because of a rise in price.

• For diagram:- (of degrees of price elasticity of demand)

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• Degrees of elasticity of demand are:-

1. Perfectly elastic demand
2. Perfectly inelastic demand
3. Unitary elastic demand
4. Relatively Elastic demand
5. Relatively Inelastic demand

Hope it helps you....

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