Question

What is Elasticity of Demand???

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Answer 1

Answer:

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The elasticity of demand is the change in demand due to the change in one or more of the variable factors that it depends on. The responsiveness of the quantity demanded to the change in income is called Income elasticity of demand while that to the price is called Price elasticity of demand.

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Answer 2

Answer:

A good's price elasticity of demand is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others.

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