Question

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What are the methods of measurement of price elasticity of demand?

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Answer 1

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There are three main methods of measurement of price elasticity of demand which are as follows :

1. TOTAL EXPENDITURE METHOD.

2. PERCENTAGE METHOD.

3. GEOMETRIC METHOD.

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Answer 2

Some of the methods used for measuring price elasticity of demand are as follows:

1. Total Expenditure Method.

2. Proportionate Method.

3. Point Elasticity of Demand.

4. Are Elasticity of Demand.

5. Revenue Method.

1. Total Expenditure Method:

According to this method, elasticity of demand can be measured by considering the change in price and the subsequent change in the total quantity of goods purchased and the total amount of money spent on it.

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