Question

Law of demand and elasticity of demands explain the application of elasticity

Answer 1

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The 'Law Of Demand' states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. Demand elasticity is a measure of how much the quantity demanded will change if another factor changes

and Applications of law of demand, ... Law of demand states, that other things being equal, the demand for a good extends with fall in price and contracts with a rise in price. 2. ELASTICITY OF DEMAND % Change in quantity demanded E = % Change in price.

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