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प्रश्न
Define or explain the following concept:
Elastic Demand
बेरीज
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उत्तर
Elastic demand for a good implies that the demand for a good is highly responsive to its price. In this case, the percentage change in demand is greater than the percentage change in price and |Ed| > 1. This implies that a little change in price will lead to a significant change in quantity demanded.
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