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



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