What is elasticity of demand?
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Posted by Rohit Sharma 6 years, 2 months ago
- 2 answers
Yogita Ingle 6 years, 2 months ago
Elasticity of Demand means expansion and contraction of demand
The elasticity of demand is a measure of a degree of responsiveness of quantity of a product to the change in its determinants. If the demand is more elastic, then a small change in price will cause a large change in the quantity consumed.
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Anshu Sehrawat 6 years, 2 months ago
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