Question

elasticity of demand?

Answer 1

Heya...

Elasticity of demand is the measurement of degree of % change in Quantity demanded in response to % change in price of the commodity....

it's formula....

% change in Quantity demanded/
% change in price...

Answer 2

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The price elasticity of demand shows the degree of responsiveness of demand to a certain change in the price of a commodity. It is an important method to find out as to what degree the demand of a product can change with a slight change in its price. Also, the price elasticity forms a key role in determining various other factors such as the price of the product, practicing price discrimination, determining factor prices, tax policies, etc.
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