what is elasticity of demand?
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elasticity of demand is a measure used in economics to show the responsiveness or elasticity of the quanyity demanded of a good and services to chamge in its price.
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elasticity of demand
The degree to which demand for a good or service varies with its price. Normally, salesincrease with drop in prices and decrease with rise in prices. As a general rule, appliances, cars, confectionary and other non-essentials show elasticity of demand whereas most necessities (food, medicine, basic clothing) show inelasticity of demand (do not sell significantly more or less withchanges in price).
Also called price demand elasticity.
See also cross-elasticity of demand
The degree to which demand for a good or service varies with its price. Normally, salesincrease with drop in prices and decrease with rise in prices. As a general rule, appliances, cars, confectionary and other non-essentials show elasticity of demand whereas most necessities (food, medicine, basic clothing) show inelasticity of demand (do not sell significantly more or less withchanges in price).
Also called price demand elasticity.
See also cross-elasticity of demand
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