Question

State and explain elasticity of demand how can elasticity in demand be measure

Answer 1

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Elasticity of Demand is a measurement of the degree of change in demand in response to degree of change in own price of the commodity .


Percentagechange method is the most commonly used method of measuring elasticity of demand ,elasticity of demand is major as the ratio between percentage change in quantity demand of a commodity and percentage change in the price of commodity .



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Answer 2

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The cross elasticity measures the responsiveness of quantity demanded to changes in price of other goods and services. Cross elasticity of demand isdefined as the percentage change inquantity demanded of one good caused by a 1 percentage change in the price of some other good.

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