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Give economic terms.1. Elasticity resulting from changes in price does not affect demand at all. 2. Product of price and quantity demanded. 3. Elasticity resulting from changes in demand is more than change in price. 4. Elasticity of demand is measured with the following formula:\(\cfrac{ Lower\,segment\,of\,demand\,curve\,below\,a\,given\,point}{Upper\, segamnet\, of\,demand\,curve\, above\, a\, given\, point}\)5. A fall in the price of mobile handsets may lead to rise in the demand for sim cards. |
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Answer» 1. Perfectly inelastic 2. Total Expenditure 3. Relatively elastic 4. Point I Geometric method 5. Complementary goods |
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