Question

what is elasticity of demand ? explain various types of elasticity of demand.

Answer 1

Definition: The Elasticity of Demand measures the percentage change in quantity demanded for a percentage change in the price. Simply, the relative change in demand for a commodity as a result of a relative change in its price is called as the elasticity of demand.

types of elasticity of demand
1.price of elasticity of demand
2.income of elasticity of demand
3.cross of elasticity of demand
4.advertisement of elasticity of demand

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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