Question

What is Elastic demand...???

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Answer 1

good's price elasticity of demand is a measure of how sensitive the quantity demanded of it is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others

Answer 2

Answer:

• Elastic demand is when a product or service's demanded quantity changes by a greater percentage than changes in price.
• The opposite of elastic demand is inelastic demand, which is when consumers buy largely the same quantity regardless of price.
• The demand curve shows how the quantity demanded responds to price changes. The flatter the curve, the more elastic demand is.

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