Question

What are five degrees of elasticity of demand? explain with example​

Answer 1

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Under the perfectly inelastic demand, irrespective of any rise or fall in price of a commodity, the quantity demanded remains the same. The elasticity of demand in this case will be equal to zero (ed = 0). In diagram 2 DD shows the perfectly inelastic demand. At price OP, the quantity demanded is OQ.

Answer 2

Answer:

Under the perfectly inelastic demand, irrespective of any rise or fall in price of a commodity, the quantity demanded remains the same. The elasticity of demand in this case will be equal to zero (ed = 0). In diagram 2 DD shows the perfectly inelastic demand. At price OP, the quantity demanded is OQ