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Define elasticity of demand.

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Question

Define elasticity of demand.

Definition
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Solution

Price elasticity of demand tells us the amount of the change in the quantity demanded of a commodity in response to change in its price. In other words, it measures the degree of change of demand in response to changes in price.

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Chapter 2: Elasticity of Demand - QUESTIONS [Page 4]

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Goyal Brothers Prakashan Economic Applications [English] Class 10 ICSE
Chapter 2 Elasticity of Demand
QUESTIONS | Q 2. (i) | Page 4
Goyal Brothers Prakashan Economic Applications [English] Class 10 ICSE
Chapter 2 Elasticity of Demand
NUMERICAL QUESTIONS | Q 11. (i) | Page 43

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