explain the concept of elasticity of demand
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An elastic demand is one in which the change in quantity demanded due to a change in price is large. ... In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary
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An elastic demand is one in which the change in quantity demanded due to a change in price is large. ... In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary.
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