Question

What is elasticity of demand?degrees of elasticity of demand?

Answer 1

because it give comfortable in human daily routine

Answer 2

The concept of price elasticity of demand has been defined by different economies as under:

“Elasticity of demand may be defined as the percentage change in quantity demanded to the percentage change in-price.”

“Elasticity of demand is the ratio of relative change in quantity to relative change in Price.”

“ The elasticity of demand for a commodity is the rate at which quantity bought change the price change.”

“The elasticity of demand is a measure of the relative change in quantity to a relative change in price”.

“Elasticity of demand measures the responsiveness of demand to changes in price”.