Economy, asked by ramidarkim, 4 months ago

what do you mean by price elasticity of demand? state the factor which influence it

Answers

Answered by Anonymous

9

Answer:

Nature of Goods: Refers to one of the most important factors of determining the price elasticity of demand. In economics goods are classified into three categories, namely, necessities (or essential goods), comforts, and luxuries. ... Any change in the prices of luxury goods cause a major a change in their demand.

Answered by khojanshreya01

0

Answer:

Price Elasticity of Demand : is a ratio between percentage change in quantity demanded and percentage change in own price of the commodity

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