# Define Or Explain the Following Concept :Elasticity of Demand . - Economics

#### Question

Define or explain the following concept :

Elasticity of demand .

#### Solution

Elasticity of Demand is the degree of responsiveness of quantity demand for a commodity towards change in its price. It is calculated as  E_d  = (% text { change in demand for × good })/(text { % change in price of × good })

Is there an error in this question or solution?

#### APPEARS IN

2017-2018 (March) (with solutions)
Question 2.1.3 | 2.00 marks

#### Video TutorialsVIEW ALL [1]

Define Or Explain the Following Concept :Elasticity of Demand . Concept: Measurement of Elasticity of Demand.
Share