How can we determine goods to …
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Posted by Shruti Deshwal 6 years, 11 months ago
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Yogita Ingle 6 years, 11 months 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.
It may be of three types: namely,
(a) Price elasticity of Demand.
(b) Income elasticity of Demand,
(c) Cross elasticity of Demand.
Elasticity of Demand = percentage change in quantity demand / percentage change in price
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