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What is Elasticity of demand...Essay Question Answer✅ Correctly❌ Wrong answer will be reported...​

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Answer:

By definition, The elasticity of DEMAND is the change in demand DUE to the change in ONE or more of the variable factors that it depends on. ... The responsiveness of the quantity demanded to the change in income is called Income elasticity of demand while that to the PRICE is called Price elasticity of demand.



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