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Can You Write Short Note On The Elasticity Of Demand?
Elasticity Of Demand
asked 8 months ago
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Elasticity of demand is used to measure the effect of price on quantity demanded. The law of demand states that the demand increases with increase in price and decrease with decrease in price. Elasticity of demand equals the percentage change in quantity demanded divided by percentage change in price. Elastic demand is a small change in price with a large effect on demand. This occurs when the consumes have more buying options.
answered 8 months ago
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