What do you mean by elasticity of demand? Explain the factors affecting it.
Answers
Answered by
3
Answer:
An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula used here for computing elasticity.
Explanation:
Like my answer and mark me as brainliest
Answered by
5
Explanation:
Price Elasticity of Demand Compares Change in Consumption to Change in Price. Price elasticity of demand measures the change in consumption of a good as a result of a change in price. ... A product with an elasticity of 0 would be considered perfectly inelastic, because price changes have no impact on demand.
Similar questions