Economy, asked by saurabh8075, 1 year ago

what is difference between elastic demand and inelastic demand

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Answered by Luvitguydinu

0

it means elastic refers to the degree of responsiveness in supply or demand in relation to changes in price. If a curve is moreelastic, then small changes in price will cause large changes in quantity consumed. If a curve is less elastic, then it will take large changes in price to effect a change in quantity consumed.

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