Economy, asked by keerthanas87, 4 months ago

Define price Elasticity of demand. Explain its various degrees. Use diagram

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Answered by MoonWings

Explanation:

In simple words, price elasticity of demand is the ratio of percentage change in quantity demanded to the percentage change in price. In other words, price elasticity of demand is a measure of the relative change in quantity purchased of a good in response to a relative change in its price.

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Answered by sanjeevani111982

Answer:

Degrees of Elasticity of Demand - Perfectly Elastic Demand - Perfectly Inelastic Demand - Unitary Elasticity of Demand - Elastic Demand - Inelastic Demand - Definition - Diagram - Formula

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