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| 1. |
What is price elasticity demand? |
| Answer» Price elasticity of demand of s the study of degree of change in demand in response to change in own price of the commodity.Therefore it is study of change and is denoted by Ed.<br>Price elasticity of demand, or elasticity, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive<br>The degree of responsiveness of quantity demanded to changes in\xa0price\xa0of commodity is known as\xa0price elasticity\xa0of\xa0Demand.\xa0 | |