Maharashtra State BoardHSC Commerce 12th Board Exam
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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 })`

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APPEARS IN

 2017-2018 (March) (with solutions)
Question 2.1.3 | 2.00 marks
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Define Or Explain the Following Concept :Elasticity of Demand . Concept: Measurement of Elasticity of Demand.
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