Economy, asked by geetaranikritipimpv9, 1 year ago

explain the concept of elasticity of demand.

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Answered by Anonymous
3

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In economics, the demand elasticity (elasticity of demand) refers to how sensitive the demand for a good is to changes in other economic variables, such as prices and consumer income. Demand elasticity is calculated as the percent change in the quantity demanded divided by a percent change in another economic variable.

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