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

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 })

Concept: Measurement of Elasticity of Demand
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