InterviewSolution
Saved Bookmarks
| 1. |
Define elasticity of demand and write the formula |
|
Answer» Answer: Demand ELASTICITY is calculated as the percent change in the QUANTITY demanded DIVIDED by a percent change in another economic variable. Explanation: PRICE elasticity of demand is MEASURED by using the formula: The symbol A denotes any change. This formula tells us that the elasticity of demand is calculated by dividing the % change in quantity by the % change in price |
|