Question

types of price elasticity of demand​

Answer 1

Answer:

Hey mate......... here's your answer

Elasticity of demand refers to price elasticity of demand. It is the degree of responsiveness of quantity demanded of a commodity due to change in price, other things remaining the same.

Give that,

p= initial price= Rs.10

q= initial quantity demanded= 100 units

∆p=change in price=Rs. (10-9) = Rs.1

∆q=change in quantity demanded= (120-100) units = 20 units

Answer 2

Explanation:

There are 5 types of elasticity of demand:

Perfectly Elastic Demand (EP = ∞) ...

Perfectly Inelastic Demand (EP = 0) ...

Relatively Elastic Demand (EP> 1) ...

Relatively Inelastic Demand (Ep< 1 ) ...

Unitary Elastic Demand ( Ep = 1)