State the 4 degrees of elasticity of demand.
Answers
Answer:
Dr. Marshall has pro-founded the concept of price elasticity of demand. In simple words, price elasticity of demand is the ratio of percentage change in quantity demanded to the percentage change in price.
In other words, price elasticity of demand is a measure of the relative change in quantity purchased of a good in response to a relative change in its price. It is thus, rate at which the demand changes to the given change in prices.
So, we can say that it is the rate or the degree of response in demand to the change in price.
Explanation:
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Answer:
•“Elasticity of demand is the ratio of relative change in quantity to relative change in Price.”
•“The elasticity of demand for a commodity is the rate at which quantity bought change the price change.”
•“The elasticity of demand is a measure of the relative change in quantity to a relative change in price”.
•“Elasticity of demand measures the responsiveness of demand to changes in price”.