What is elasticity of demand? degrees of elasticity of demand ?
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Answer:
The elasticity of demand, or demand elasticity, refers to how sensitive demand for a good is compared to changes in other economic factors, such as price or income.
Degrees of Elasticity:
Perfectly Elastic Demand: Perfectly elastic demand is said to happen when a little change in price leads to an infinite change in quantity demanded.
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Hunter
Jan 17, 2021
Smith