Microeconomics in English
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| 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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