Explain the degrees of elasticity of …
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Posted by Syed Khabib 7 years ago
- 2 answers
Yogita Ingle 7 years ago
Elasticity of Demand: The degree of responsiveness of demand to the changes in determinants of demand (Price of the commodity, Income of a Consumer, Price of related commodity) is known as elasticity of Demand. The degree of responsiveness of demand to change in income of consumer is known as income elasticity of demand. The degree of responsiveness of demand to change in the price of related goods (substitute goods, complementary goods) is known as cross elasticity of demand.
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Syed Khabib 7 years ago
1Thank You