Question

Difference between law of demand and elasticity of demand?!

Answer 1

Hey dear here is your
answer :::↔️

➡️➡️Law of demand states that a consumer’s demand shares an inverse relationship with the price of a good. That is, as the price of a commodity increases, the quantity demanded of the commodity falls.

➡️On the other hand, price elasticity of demand measures the degree of responsiveness of the demand for a good to the change in its price. That is, it measures by how much will the demand change in relation to a given change in the price. That is in other words, by what proportion the quantity demanded of a commodity falls due to a given proportionate rise in the price.

➡️Thus, while on one hand, law of demand establishes a negative relationship between price of a commodity and quantity demanded of the commodity, on the other hand, price elasticity of demand measures the degree of this negative relationship

⭕Good day ⭕

Answer 2

The law of demand and elasticity of demand

Explanation:

• The law of demands states that all factors of production equal. As the price of the goods increases the consumer demands for the goods and services decrease.

• The elasticity of demand is the measure of the flexibility of demands and is a measure of quantity demanded changes when another factor changes.

• The change in demand is described as a shift of market from the one product to another.

• Elastics is calculated from the percentage change in quantity divided by the percentage change in price. Substitutability, time, and income can affect the elasticity of demand.

Learn more about the difference between law of demand and elasticity of demand.

• brainly.in/question/5857890 answered by  Dharmendra2120.