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Intro to elasticity of demand | elasticity | Economics in English

Microeconomics in English   

Intro to elasticity of demand | elasticity | Economics in English
Intro to elasticity of demand | elasticity | Economics in English

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An Intro to Elasticity of Demand

As we know that when there is a change in price f a good, there will surely be change in its demand, this change in demand due to the change in price is known as elasticity of demand.

The elasticity of demand may also be defined as “the proportional change in price of goods and their demand is referred to elasticity of demand.”

There are three major points or elements to be discussed while studying elasticity of demand. These are:

        i.            1.    Kinds of elasticity of demand

      ii.            2.    Methods of measurement of elasticity of demand

    iii.            3.    Degrees of elasticity of demand


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