Distinguish between Percentage method and Total outlay method.
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Solution
Percentage method and Total outlay method.
| Basis of Difference | Percentage method | Outlay method |
| Measures | Ratio of percentage change in quantity demanded to the percentage change in price | Measures how the total expenditure or total outlay incurred on the good changes with a change in its price |
| Also known as | Arithmetic method | Total expenditure method |
Concept: Importance of Micro Economics
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