What is elasticity of demand and explain the factors influencing elast – InterviewSolution

1.	What is elasticity of demand and explain the factors influencing elasticity conclusionof demand
Answer» ED =1 (unitary elastic) Ed=0( perfectly INELASTIC) Ed=infinity( perfectly elastic) Ed >1( GREATER than unitary) Ed <1( less than unitary) factors : 1) multiple uses 2) havesubstitute GOOD 3) postponement in future etc.

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