Economy, asked by gurmeen6527, 10 months ago

What is the price elasticity of demand? Explain any two types of price elasticity of demand with the help of diagrams.

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Answered by musakhiangte

Answer:

Price Elasticity is the responsiveness of demand to change in price; income elasticity means a change in demand in response to a change in the consumer's income; and cross elasticity means a change in the demand for a commodity owing to change in the price of another commodity.

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