Question

Explain the Total expenditure method and Geometric method of measuring price
elasticity of demand, please give me full answer ​

Answer 1

Answer:

Total expenditure method is to measure the elasticity of demand. ... If there is fall in the price of a good, total expenditure increases and if there is rise in the price of a good, the total expenditure decreases, then the demand for that good is greater than unitary elastic

Geometric method is the technique of measuring price elasticity of supply at any given point on the supply curve. This method is also known as arc method or point method. Given below is an illustration of measuring price elasticity of supply from a supply curve.