Question

what is elasticity of. demand​

Answer 1

Answer:

An elastic demand is one in which the change in quantity demanded due to a change in price is large. ... In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary.

Explanation:

Answer 2

Answer:

Explanation:

A 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