What is elasticity of demand and explain the factors influencing elasticity conclusionof demand
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Ed =1 (unitary elastic)
Ed=0( perfectly inelastic)
Ed=infinity( perfectly elastic)
Ed >1( greater than unitary)
Ed <1( less than unitary)
factors :
1) multiple uses
2) havesubstitute good
3) postponement in future etc.
Ed=0( perfectly inelastic)
Ed=infinity( perfectly elastic)
Ed >1( greater than unitary)
Ed <1( less than unitary)
factors :
1) multiple uses
2) havesubstitute good
3) postponement in future etc.
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