Question

What is elasticity of demand and explain the factors influencing elasticity of demand?

Answer 1

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A: Demand elasticity is the sensitivity of thedemand for a good or service due to a change in another factor. There are manyfactors that influence a change in demand elasticity. These factors include price, income level and availability of substitutes.
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Answer 2

Cross Elasticity

Also called cross-price elasticity of demand, this measurement is calculated by taking the percentage change in the quantity demanded of one good and dividing it by the percentage change in the price of the other good.

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