Question

what is price elasticity of demand?

what is the difference between market demand and individual demand?

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Answer 1

Answer:

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Price elasticity of demand, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive.

Individual demand is influenced by an individual's age, sex, income, habits, expectations and the prices of competing goods in the marketplace. Market demand is influenced by the same factors, but on a broader scale—the taste, habits and expectations of a community and so on.

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