Distinguish between Percentage method and Total outlay method.
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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