Question

what do you mean by elasticity of demand

Answer 1

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✨Elasticity Of Demand:-

⏩It is a measure used to show the responsiveness or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes.⏪

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Answer 2

Elasticity of demand refers to the change in quantity demanded of a commodity with respect to change in the commodity's price/other factors. It measures the sensitivity of a commodity to price/other factors changes.

If a good or service has elastic demand, it means consumers will decrease the use of a certain commodity if its price increases. On the other hand if price decreases of the commodity, the consumers will buy more.

The elastic demand curve is lower and much flatter than inelastic demand curve.